PERI researcher Isabella Weber argues that state capitalism is experiencing a revival as a term to capture the current capitalist constellations, increasingly replacing neoliberalism. Unlike neoliberalism, the term state capitalism has a long history reaching back to the age of imperialism in the late 19th century, being used to describe developmentalist and neo-mercantilist projects in reaction to imperialism in the periphery. What is new is that, starting with China, deploying state capitalism as a means for catching up with the West is bearing fruit in ways that could undermine the predominance of Western economies.