Why is State-Led Capitalism Stable? Reconsidering Comfortable Authoritarianism

In contrast to the liberal orientation in the 1990s, the 2000s saw a strong trend towards the 'state-led' system of governance. Emerging market economies such as China and Russia have achieved high economic growth on the basis of stateled capitalist systems, and political and economic frictions with developed countries have become apparent. These economic frictions have intensified the politicisation of economiesworldwide. This study provides empirical evidence of the effectiveness of the state-led system and its stability.