2019
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Babic, M; Garcia-Bernardo, J; Heemskerk, E M The rise of transnational state capital: state-led foreign investment in the 21st century Journal Article In: Review of International Political Economy, vol. 27, no. 3, pp. 433-475, 2019. @article{Babic2019db,
title = {The rise of transnational state capital: state-led foreign investment in the 21st century},
author = {M Babic and J Garcia-Bernardo and E M Heemskerk},
url = {https://www.tandfonline.com/doi/full/10.1080/09692290.2019.1665084},
doi = {https://doi.org/10.1080/09692290.2019.1665084},
year = {2019},
date = {2019-10-07},
journal = {Review of International Political Economy},
volume = {27},
number = {3},
pages = {433-475},
abstract = {Cross-border state-led investment is a recently rising, but understudied phenomenon of the global political economy. Existing research employs an anecdotal and case-oriented perspective that does not engage in a systemic, large-scale analysis of this rise of transnational state investment and its consequences for the transformation of state power in 21st century capitalism. We take a first step at filling this gap and offer two original contributions: Conceptually, we operationalize transnational foreign state-led investment on the basis of weighted ownership ties. These state capital ties are created by states as investors in corporations around the world. Empirically, we demonstrate our approach by setting up and analyzing the largest dataset on transnational state capital up to date. We show which different outward strategies states as owners employ and classify states according to their relative positions within the global network of transnational state capital. Our results illustrate a crucial aspect of the ongoing transformation of state power and sovereignty within globalization and we demonstrate how a careful and data-driven approach is able to identify different pathways and dimensions of this transformation.},
keywords = {corporate power, foreign direct investment, Globalization, Ownership, state capitalism},
pubstate = {published},
tppubtype = {article}
}
Cross-border state-led investment is a recently rising, but understudied phenomenon of the global political economy. Existing research employs an anecdotal and case-oriented perspective that does not engage in a systemic, large-scale analysis of this rise of transnational state investment and its consequences for the transformation of state power in 21st century capitalism. We take a first step at filling this gap and offer two original contributions: Conceptually, we operationalize transnational foreign state-led investment on the basis of weighted ownership ties. These state capital ties are created by states as investors in corporations around the world. Empirically, we demonstrate our approach by setting up and analyzing the largest dataset on transnational state capital up to date. We show which different outward strategies states as owners employ and classify states according to their relative positions within the global network of transnational state capital. Our results illustrate a crucial aspect of the ongoing transformation of state power and sovereignty within globalization and we demonstrate how a careful and data-driven approach is able to identify different pathways and dimensions of this transformation. |
Babic, M Reclaiming the commons through state ownership? Maybe not Online Open Democracy 2019. @online{Babic2019c,
title = {Reclaiming the commons through state ownership? Maybe not},
author = {M Babic},
url = {https://www.opendemocracy.net/en/oureconomy/reclaiming-commons-through-state-ownership-maybe-not/},
year = {2019},
date = {2019-07-30},
organization = {Open Democracy},
abstract = { Is state ownership really a viable alternative for a post-neoliberal, more inclusive and emancipatory global economy? While this is an open question, I lay out three arguments in the following that challenge this emancipatory promise - with the hope of stimulating a discussion about the nature of the role of state ownership in a globalized economy.},
keywords = {corporate power, corporations, Globalization, state capitalism, State ownership},
pubstate = {published},
tppubtype = {online}
}
Is state ownership really a viable alternative for a post-neoliberal, more inclusive and emancipatory global economy? While this is an open question, I lay out three arguments in the following that challenge this emancipatory promise - with the hope of stimulating a discussion about the nature of the role of state ownership in a globalized economy. |
Janssen, Thomas Chinese Firms in the Belt and Road Initiative: Building a Passive Revolution Masters Thesis 2019. @mastersthesis{Janssen2019,
title = {Chinese Firms in the Belt and Road Initiative: Building a Passive Revolution},
author = {Janssen, Thomas},
url = {https://corpnet.uva.nl/thesis_janssen_11054603/},
year = {2019},
date = {2019-07-12},
abstract = {The Belt and Road Initiative is in crisis because many participants are worried about dept trap
diplomacy and not sharing equally in the benefits. How can it be then that Chinese companies are
still receiving the vast majority of Belt and Road construction contracts? This thesis seeks to
contribute to an answer to this question. By invoking the concept of passive revolution as a
theoretical lens, it argues that the Chinese elite is more likely to favor contract allocation to
companies that are more controlled by it, especially in economic sectors that are more important to
their interests. Four categories of companies are constructed on a continuum from most to least
central Party controlled. Contracts are split among three sectors that are, domestically, tightly
regulated (‘strategic’), less regulated (‘pillar’) and least regulated (‘normal’). The thesis finds that
centrally controlled state-owned enterprises account for over 90% of Chinese-funded Belt and Road
construction contracts. The Chinese political elite is found to be even more eager to control the Belt
and Road than its domestic economy. Future research will have to take stock of, and further
examine, why Chinese state-owned companies feature so prominently in the Belt and Road.},
keywords = {Belt and Road, China, corporate power, Ownership, state capitalism, State ownership, states},
pubstate = {published},
tppubtype = {mastersthesis}
}
The Belt and Road Initiative is in crisis because many participants are worried about dept trap
diplomacy and not sharing equally in the benefits. How can it be then that Chinese companies are
still receiving the vast majority of Belt and Road construction contracts? This thesis seeks to
contribute to an answer to this question. By invoking the concept of passive revolution as a
theoretical lens, it argues that the Chinese elite is more likely to favor contract allocation to
companies that are more controlled by it, especially in economic sectors that are more important to
their interests. Four categories of companies are constructed on a continuum from most to least
central Party controlled. Contracts are split among three sectors that are, domestically, tightly
regulated (‘strategic’), less regulated (‘pillar’) and least regulated (‘normal’). The thesis finds that
centrally controlled state-owned enterprises account for over 90% of Chinese-funded Belt and Road
construction contracts. The Chinese political elite is found to be even more eager to control the Belt
and Road than its domestic economy. Future research will have to take stock of, and further
examine, why Chinese state-owned companies feature so prominently in the Belt and Road. |