"The Covid-19 crisis has once again brought the role of the state in the capitalist economy to the fore. Rather than viewing this as a ‘return of the state', this article conceptualises the current dynamic in terms of a reconfiguration of the roles the state plays, distinguishing between a market-creating, a market-correcting, a market-intervening, and a market-directing role, with each role having both an internal and an external dimension. This conceptual mapping of the diversity of state-capital configurations is then applied to offer a novel reading of the recent capitalist state trajectories of the US and of China. We conclude that there is – notwithstanding persistent differences – a relative convergence inasmuch as the still strongly market-directing Chinese state also has at the same come to embrace a global market-creating role, while the US is now also showing signs of a stronger emphasis on market-direction."

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