The State is Dead! Long live the State! At the turn of the century, many commentators from the right and left seemed united in their analysis that the state as an economic player was dead or at least no longer relevant. The combined pressures of globalisation, liberalisation and marketisation unleashed by the market-driven dogmas of Thatcherism and Reaganomics had massively expanded the private sector and concurrently downsized the public sector. Corporate power was in the ascendancy and many state-owned companies had become little more than second-rate government departments, and the underlying assumption was that, as the economy evolved, the government would close or sell them to private investors.