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"State Capitalism" is an oxymoron: Capitalism is predicated upon voluntary, mutually-beneficial exchange of goods and services. The State, by definition, is an instrument of coercion, ergo not "voluntary." Similarly, such ownership and subsidy insulates the company in question from Market forces such a boycotts, strikes, etc, thereby creating an unnatural market distortion. The above-posited scenario may involve a partially-private entity, but it is in no way Capitalistic.
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