For Adrian Wooldridge, management editor at The Economist, the top economic story of the early 21st Century is that of liberal capitalism "in crisis," and the emergence of a new model of capitalism in emerging economies.  Wooldridge calls this new model "state capitalism."  This is not, he points out, a return to the "bureaucratic" capitalism common in developed economies before the 1970s.  Rather, today's state capitalism is more of a hybrid model, where there are strong state controls but also great appreciation for market forces.  Wooldridge, better known to some of us as The Economist's Schumpeter columnist, discusses state capitalism here:

Read The Economist's special report on "state capitalism's global reach" here.