Abstract
Existing studies have scrutinized the rise of states as global owners and investors, yet we still lack a good understanding of what state investment does in a globalized economy, especially in host states. Comparative capitalisms research has analyzed foreign state investment as a potential source of patient capital for coordinated and mixed-market economies. However, this patient capital framework cannot explain the recent surge of protectionist sentiments, even among the "good hosts" of state-led investment. Therefore, we go beyond the patient capital argument and develop a novel framework centered on the globalized nature of foreign state investment. We create and empirically illustrate a novel typology based on different modes of cross-border state investment-from financial to strategic-and different categories of host states. Our results provide a new pathway to study the rise and effects of cross-border state investment in the 21st century.
Original language | English |
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Pages (from-to) | 663-684 |
Number of pages | 22 |
Journal | Competition and Change |
Volume | 27 |
Issue number | 5 |
Early online date | 25 Nov 2022 |
DOIs | |
Publication status | Published - Oct 2023 |
Keywords
- varieties of capitalism
- internationalization
- multinational firms
- political economy
- SOVEREIGN WEALTH FUNDS
- IMPACT
- POWER