The US–China rivalry and the emergence of <i>state platform capitalism</i>

The rise of digital platforms as a new form business organisation concentrates power in the United States and China. Platform capitalism further intersects with reinforces pre-existing trends towards state capitalism, where states more actively direct economies response to economic turbulence heightened geopolitical tension. concentration global within two states, combined increasing capacity for these leverage platform activities their own geopolitical–economic ends, has catalyzed ‘state capitalism’ (SPC). This paper develops notion SPC an emergent logic competition both firms – particular, ways which Beijing Washington instrumentalise mobilise domestic pursuit objectives, while become increasingly interdependent home institutions. Competition political economy is centred on recruitment users nations rival state-platform nexuses (national ‘stacks’) means establishing exercising extraterritorial power. Empirically, we identify variations between American Chinese modes practicing examine three axes this unfolds internationally: currencies, standards cybersecurity.