State capitalism is an economic system in which the state undertakes business and commercial economic activity and where the means of production are nationalized as state-owned enterprises. The definition can also include the state dominance of corporatized government agencies or of public companies in which the state has controlling shares. The term has been used as a pejorative by Marxists, liberals and neoliberals. However, it has also served as a programmatic label for developmentalist and neomercantilist projects in reaction to imperialism.