A new kind of state capitalism started with the Singaporean leader Lee Kuan Yew, who grasped that Singapore needed to attract foreign investments. The country now has a highly developed and successful free-market economy, with major investments in pharmaceuticals and medical technology production.

Deng Xiaoping, as leader of the Communist Party of China, was another important reformer who led China towards a market economy. He invested in research and development and created special economic zones for Western foreign companies, applying the Western corporate model to state companies.

Since the late 1970s, China has in fact moved from a closed, centrally planned system to a more market-oriented one that plays a major global role in the world economy. Political scientist Ian Bremmer wrote a book called The End of the Free Market: Who Wins the War Between States and Corporations, where he describes China as the primary driver for the rise of state capitalism as a challenge to the free market economies of the developed world.

iTunes 10.5.3 and iBooks 2.0 let students and professors use textbooks and course materials on iPads, and iBooks Author is a Mac desktop app to create books for the tablet. There are 1.5 million iPads and 20,000 educational apps currently in use in education. Notes can be added to individual pages and aggregated into virtual 3 × 5-inch note-cards for revision.

iBooks 2 is a free app, whereas textbooks themselves will cost $14.99 or less: much cheaper than traditional $80 textbooks. To ensure that there are plenty of titles on offer, Apple has struck deals with the major textbook publishers, including Pearson and McGraw Hill.

Luxury headphone makers Monster and Beats Electronics have announced that they will be ending their relationship when their current contract runs out. Beats and Monster together have been extremely successful, and, according to researcher NPD Group, their products gained 53% of the $1 billion annual headphone market in 2011. The companies have collaborated since 2008.

But their partnership will now end, as Beats Electronics has chosen not to renew the contract for another five years. According to Businessweek’s sources, the split occurred because of disagreements about fair profit sharing.

Beats will keep the rights to the bass-heavy sound technology, the prominent circular design and the brand. It is majority owned by gadget-maker HTC and had collaborated also with HP.

Seen that Beats is very popular among young people, Monster is going to target athletes, women and business professionals. One $200 pair of in-ear headphones has the name of the ’70s soul act Earth, Wind & Fire. A Miles Davis line has earbuds shaped like trumpets and a volume controller that looks like a piston valve. There are also eight new lines in 50 different styles.