The Rise of State Capital: Transforming Markets and International Politics

Transnational investment from countries like China, Norway, and Russia has transformed states into global economic actors, challenging the traditional understanding of the state and international politics. Milan Babic's book examines how states have become major corporate owners and offers a comprehensive analysis of the rise of the state in the global economy and its consequences for international relations.

Format: Paperback / softback
Length: 192 pages
Publication date: 02 March 2023
Publisher: Agenda Publishing

Over the past two decades, a significant surge in large-scale, state-led transnational investment has emerged, with countries like China, Norway, and Russia leading the way. By pooling their economic resources, these nations have successfully ventured into global markets through substantial state-led investments. This remarkable transformation of states into prominent global economic actors marks a historic shift, posing significant challenges to the way states interact within the international system.

In his insightful book, Milan Babic delves into the intricate details of how states have emerged as significant corporate owners in the global economy. Through a comprehensive analysis that combines extensive research on the largest firm-level dataset on state ownership to date, alongside in-depth historical and conceptual insights, the book provides a comprehensive examination of the rise of the state in the global economy and its far-reaching implications for international relations.

One of the key findings of the book is that states have increasingly become involved in corporate ownership, not only through direct government ownership but also through various forms of state-linked entities and strategic partnerships. This shift has facilitated the integration of national economies into the global market, enabling countries to access new sources of capital, technology, and markets. However, this expansion of state involvement in the corporate realm has also raised concerns about the potential erosion of democratic governance, the concentration of power, and the potential for conflicts of interest.

Babic explores the various mechanisms through which states have acquired corporate ownership, including government-to-government deals, state-owned enterprises, and strategic partnerships. He also examines the economic, political, and social implications of state ownership, including the potential for increased economic efficiency, the potential for political influence, and the potential for social unrest. The book also considers the challenges and opportunities that arise from the rise of the state in the global economy, including the need for regulatory frameworks to ensure fair competition, the need for transparency and accountability in state-owned enterprises, and the need for international cooperation to address global economic challenges.

In conclusion, Milan Babic's book offers a valuable contribution to our understanding of the rise of the state in the global economy and its profound implications for international relations. By examining the complex dynamics between states, corporations, and the global economy, the book provides a comprehensive analysis of the challenges and opportunities that arise from this transformation. It is a must-read for policymakers, scholars, and anyone interested in understanding the evolving landscape of global politics and economics.

Weight: 312g
Dimension: 234 x 155 x 22 (mm)
ISBN-13: 9781788215725