近年來在金融危機與中國經濟崛起的全球政經變動下，興起一股討論國家資本主義風潮，然而過於偏重實證經驗之解析以及缺乏與既有理論脈絡之連結，無法展現理論發展與分析層次的動態變遷。本文爬梳自十九世紀末國家資本主義初始至今的相關文獻，嘗試回答以下問題：學界廣泛使用「國家資本主義」以描述當前的政經形勢，其概念究竟為何？本文主張國家資本主義意指國家透過參與市場的經濟活動以達政治目的，其歷史發展與理論脈絡可區分為三個時期：十九世紀末至廿世紀初、第二次世界大戰後至1980年代、2007年至今，發現在政經邏輯不變的情況下，討論重心反映了研究途徑由結構主義向功能主義乃至於新制度主義的變遷，研究層次亦由宏觀漸趨微觀。近來豐富多元的實證素材，可讓吾人在承認資本主義的運作模式中無法避免國家干預之前提下，進行更細緻地討論與微觀分析。

Driven by the financial crisis and the rise of China, the discussion on state capitalism has been revived. Nonetheless, it focuses heavily on empirical analysis and lacks theoretical elaboration. It also fails to exhibit the dynamics of theoretical development and the transition of major issues. This article examines the literature on state capitalism ranging from the late nineteenth century to the present time and aims to answer the following question: What is the core concept of state capitalism? It argues that state capitalism indicates that the state participates in the market in order to achieve its own political goals. Three periods can be distinguished in its theoretical development: the late nineteenth century to the early twentieth century, the end of the Second World War to the 1980s, and 2007 to date. This article points out that the analytical approach has shifted from structuralism to functionalism and to institutionalism, while the level of analysis has moved from macro to micro. The abundant and diverse empirical evidence that has emerged in recent years can facilitate our discussion when state intervention is unavoidable in capitalism's operation.