The Rise of Discretionary State Capitalism: Why It Is Here to Stay
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2025 made it clear that the relationship between governments and business is fundamentally changing. Unprecedented geopolitical volatility, including a global trade war and Chinese export controls on critical minerals, catalyzed a new playbook of government interventions into the economy: from equity stakes, to expanded foreign investment screening tools, to deals with major pharmaceutical and electronics companies.
In a recent op-ed for Foreign Affairs Magazine, three Lazard leaders – CEO and Chairman, Peter Orszag, Head of Geopolitical Advisory, Theodore Bunzel, and Senior Advisor Jami Miscik – examine the rise of this new era “discretionary state capitalism” and its many implications for growth, competition, and corporate strategy in an increasingly uncertain geopolitical and macroeconomic environment.
Read the full op-ed here.
About Lazard
Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and follow Lazard on LinkedIn.
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February 23, 2026