State capitalism, in its classic meaning, is a private capitalist economy under state control. This term was often used to describe the controlled economies of the great powers in the First World War.
In more modern sense, state capitalism is a term that is used, sometimes interchangeably with state monopoly capitalism, to describe a system where the state is intervening in the markets to protect and advance interests of Big Business. This practice is in sharp contrast with the ideals of free market capitalism.
State Capitalism
Also See: Industrial Policy, Mercantilism, Crony capitalism
“Thus, it should be understood that when pro-US figures use the term, 'rules-based international order,' they are not referring to anything analogous to the rule of law. Quite the opposite, they are using Orwellian language to describe a system in which essentially no rules can be established and/or observed, given that the dominant state has the prerogative to violate and/or rewrite “rules” at its whim.” Aaron Good, American Exception