The paper deals with the scale and depth of a state capitalism expansion around the world, explores its economic implications. The author focuses on governmental participation in a capital of corporations – either equity or debt – as a defining feature of a state capitalism. The modern state capitalism represents a significant advance in several respects, compared to its previous forms. First, it is developing on a much wider scale. Second, its development rates accelerate. And third, it has far more sophisticated growth tools at its disposal.