“…On this basis, it surely has to be acknowledged that the new state capitalism, both as an ascendant concept and as marker of socioinstitutional facts on the ground, signals a significant geohistorical moment (maybe not a new "era" as such, but a notable inflection point for sure), even if first-generation treatments of the phenomenon itself may have been somewhat wanting. Something is happening out there, some constellation of norm-disrupting developments that is happening across cases, contexts, and conjunctures; an unevenly developing process of contradictory transformation evidently at work, one is being tracked, narrated, and (mis)diagnosed in real time that raises questions that are not so easily dismissed or foreclosed (Alami and Dixon, 2023;Whiteside et al, 2023). Now, it is a truism, albeit one that seems periodically to be forgotten, that there can be no such thing as "non-state capitalism."…”