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illiberal capitalism

 
 
fansy
 
Reply Sat 27 Dec, 2008 09:14 am
Quote:
we witnessed the rise of an alternative model: illiberal capitalism.


Is "illiberal capitalism" a newly coined economic term?
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Type: Question • Score: 0 • Views: 1,837 • Replies: 6
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Setanta
 
  1  
Reply Sat 27 Dec, 2008 09:22 am
@fansy,
Not necessarily. As with you last question (about skewed incentives), it can only be answered if one is the author and therefore knows what he or she means, or if you provide more context. You frequently ask questions about terms for which there is insufficient context to give you a coherent answer.

Illiberal has a more specific meaning than liberal does. Liberal is a term which can mean many things, especially in political terms. Illiberal, however, has no specific political or economic meaning, and can only be an economic term if it is used to modify an economic substantive or phrase.

Before it became a political term, liberal simply meant having the attributes of a free man--being generous, or open-minded. Therefore, illiberal means narrow-minded, or stingy, or ungenerous.

So, once again, unless you provide more context, it is impossible to know what, precisely, the author means. However, i doubt that this can be considered a "newly coined economic term."
spendius
 
  1  
Reply Sat 27 Dec, 2008 09:29 am
@Setanta,
Then you ought, Set, to be able to supply more context to what an "idiot" is and when we are in the presence of " an egregious offense to truth or good sense."

Or do you wear different hats at different times? It is inappropriate to apply those strictures to fansy when, but a few minutes ago, you were at the same thing yourself. It's discrimination.
fansy
 
  1  
Reply Sat 27 Dec, 2008 05:23 pm
@spendius,
Quote:
In 2008, as investors rode a switchback in the financial and commodity markets " oil ended the year at about $44 a barrel after reaching an all-time high of $147.27 in July " we witnessed the rise of an alternative model: illiberal capitalism. Authoritarian China has long pursued this path, where the state enjoys a commanding role in the economy. This year, Vladimir Putin’s Russia marched further in that direction, consolidating control over sectors deemed vital to national security, such as energy and commodities.


The above is the larger context in which "illiberal capitalism" appears
spendius
 
  1  
Reply Sat 27 Dec, 2008 07:00 pm
@fansy,
And Mr Putin said, only the other day, that the era of cheap gas is coming to an end. He needs no lessons in capitalism in any of its forms.
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Setanta
 
  1  
Reply Sat 27 Dec, 2008 07:54 pm
@fansy,
Thank you for providing the context, and it makes things more understandable.

In this case, it does appear that the author is attempting to coin a new phrase by using illiberal capitalism. However, it is not necessarily something which would immediately be recognized by the casual reader. In this case, the author seems to think that illiberal capitalism works as a description because you have a combination of capitalism with a command economy, such as exists in China, and which until quite recently existed in Russia, when it was still the Soviet Union.

However, although i do think the author intends to coin a new phrase, i don't think the new phrase works. Someone who were literate in English with a good command of the language, reading "illiberal capitalism" out of this context would not necessarily know what the author intends. And i frankly don't think the application of the modifier illiberal is appropriate because its meanings of narrow-minded, stingy or ungenerous don't automatically recommend themselves as a description of the economic policies attributed by the author to China and Russia. A poor choice of modifier, i would say.
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sullyfish6
 
  1  
Reply Wed 31 Dec, 2008 01:49 pm
state-controlled capitalism would have been more clear.

illiberal in this context means rigid or self-serving.
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