New Research: Sovereignty in the Era of Global Capitalism

Ashby Monk

Gordon and I have finally finished our big, theoretical paper on the rise of SWFs. It’s been a long time coming, but hopefully it was worth the wait. The paper is entitled, “Sovereignty in the Era of Global Capitalism: The Rise of Sovereign Wealth Funds and the Power of Finance.” Here is the abstract:

“Over the past few decades, the institutional logics of the capitalist market and the bureaucratic state have been forced into association at an increasing rate through processes we have come to know as ‘globalization’ and ‘financialization’. The power of financial markets threatens governments around the world, from the communist to the most conservative. In response, governments have sought ways of realizing their interests in a rapidly changing world. Nothing illustrates this phenomenon more than the rise of sovereign wealth funds; governments have been using these special purpose vehicles to invest assets in private financial markets at an increasing rate, independent of their variety of capitalism. While SWFs are an implicit acceptance by the state of the power of finance, they are, however, also an attempt by the state to leverage finance and filter global capitalism’s transformative forces. Drawing on institutional theory and economic geography, we conceptualize the impetus behind SWFs’ existence. We conclude that SWFs exist to preserve local autonomy and state sovereignty by harnessing the power of finance.”

Get it here or here. Comments and criticism are always welcome.

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This website is a project of Professor Gordon L. Clark and Dr. Ashby Monk of the School of Geography and the Environment at the University of Oxford. Their research on sovereign wealth funds is funded by the Leverhulme Trust and The Rotman International Centre for Pension Management.

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