In recent years, the bioeconomy has emerged as a key policy idea in liberal western states. This paper analyses the bioeconomy as a state strategy. By building on theoretical strands by Poulantzas, Moore, and Castán Broto, the paper argues that the bioeconomy has to be understood simultaneously as an accumulation strategy within the capitalist world-ecology and as a transformative agenda through which tensions in the state space can be governed. The politics of bioeconomy do not concern its outright endorsement or rejection but the ways its contradictions are interpreted and articulated. The empirical part of the paper scrutinises the bioeconomy strategy adopted in Finland. Our main concern is that the bioeconomy strategy has been appropriated by the traditional forest industries in such a way that fails to address the problem of uneven development and ignores the potential of the bioeconomy as part of a transformative agenda.