▁to ▁insp ire ▁innov ation . ▁ ▁In ▁European ▁studies ▁ ▁Several ▁European ▁sch ol ars ▁and ▁political ▁econom ists ▁have ▁used ▁the ▁term ▁to ▁describe ▁one ▁of ▁the ▁three ▁major ▁vari eties ▁of ▁capital ism ▁that ▁prev ail ▁in ▁the ▁modern ▁context ▁of ▁the ▁European ▁Union . ▁This ▁approach ▁is ▁mainly ▁influenced ▁by ▁Schmidt ' s ▁( 2 0 0 2 ) ▁article ▁on ▁The ▁Fut ures ▁of ▁European ▁Capital ism , ▁in ▁which ▁she ▁div ides ▁modern ▁European ▁capital ism ▁in ▁three ▁groups , ▁namely ▁market , ▁managed ▁and ▁state . ▁Here , ▁state ▁capital ism ▁refers ▁to ▁a ▁system ▁where ▁high ▁coord ination ▁between ▁the ▁state , ▁large ▁companies ▁and ▁labour ▁un ions ▁ens ures ▁economic ▁growth ▁and ▁development ▁in ▁a ▁quasi - cor por at ist ▁model . ▁▁ ▁The ▁author ▁c ites ▁France ▁and ▁to ▁a ▁less er ▁extent ▁Italy ▁as ▁the ▁prime ▁examples ▁of ▁modern ▁European ▁state ▁capital ism . ▁A ▁general ▁theory ▁of ▁capital ist ▁forms , ▁where by ▁state ▁capital ism ▁is ▁a ▁particular ▁case , ▁was ▁developed ▁by ▁Ern esto ▁S cre p anti , ▁who ▁argued ▁that ▁Soviet - type ▁econom ies ▁of ▁the ▁ 2 0 th ▁century ▁used ▁state ▁capital ism ▁to ▁sust ain ▁processes ▁of ▁primitive ▁accum ulation . ▁In ▁their ▁historical ▁analysis ▁of ▁the ▁Soviet ▁Union , ▁Marx ist ▁econom ists ▁Richard ▁D . ▁Wol ff ▁and ▁Stephen ▁Res nick ▁identify ▁state ▁capital ism ▁as ▁the ▁dominant ▁class ▁system ▁throughout ▁the ▁history ▁of ▁the ▁Soviet ▁Union . ▁ ▁State