Since the West was developed first, all growths in emerging markets are catch-up growths, wether they are achieved through unfettered markets or state capitalism. This article offers little new to advance theory of the "inclusive" vs "exclusive" institutions. What is perhaps new and meaningful is that at least in the case of catch-up growth, unfettered market is not the only way and state capitalism is a viable alternative.
This has nothing to do with wether I personally prefer one system vs another. It is about intellectual honesty.