The wave of liberalization that swept world markets in the 1980s and 90s altered the ways that governments manage their economies. Reinventing State Capitalism analyzes the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms (the so-called “national champions”). Focusing on a detailed quantitative assessment of Brazil’s economic performance from 1976 to 2009, Aldo Musacchio and Sergio Lazzarini examine how these models of state capitalism influence corporate investment and performance.
According to one model, the state acts as a majority investor, granting the state-owned enterprise (SOE) financial autonomy and allowing professional management. This form, the authors argue, has reduced many agency problems commonly faced by state ownership. According to another hybrid model, the state uses sovereign wealth funds, holding companies, and development banks to acquire a small share of equity ownership in a corporation, thereby potentially alleviating capital constraints and leveraging latent capabilities.
Both models have benefits and costs. Yet neither model has entirely eliminated the temptation of governments to intervene in the operation of natural resource industries and other large strategic enterprises. Nevertheless, the longstanding debate over whether private ownership is superior or inferior to state capitalism has become irrelevant, Musacchio and Lazzarini conclude. Private ownership is now mingled with state capital on a global scale.
While we know a great deal about the benefits of regional integration, there is a knowledge gap when it comes to areas with weak, dysfunctional, or nonexistent regional fabric in political and economic life. Further, deliberate “un-regioning,” applied by actors external as well as internal to a region, has also gone unnoticed despite its increasingly sophisticated modern application by Russia in its peripheries.
This volume helps us understand what Anna Ohanyan calls “fractured regions” and their consequences for contemporary global security. Ohanyan introduces a theory of regional fracture to explain how and why regions come apart, consolidate dysfunctional ties within the region, and foster weak states. Russia Abroad specifically examines how Russia employs regional fracture as a strategy to keep states on its periphery in Eurasia and the Middle East weak and in Russia's orbit. It argues that the level of regional maturity in Russia’s vast vicinities is an important determinant of Russian foreign policy in the emergent multipolar world order.
Many of these fractured regions become global security threats because weak states are more likely to be hubs of transnational crime, havens for militants, or sites of protracted conflict. The regional fracture theory is offered as a fresh perspective about the post-American world and a way to broaden international relations scholarship on comparative regionalism.
READERS
Browse our collection.
PUBLISHERS
See BiblioVault's publisher services.
STUDENT SERVICES
Files for college accessibility offices.
UChicago Accessibility Resources
home | accessibility | search | about | contact us
BiblioVault ® 2001 - 2024
The University of Chicago Press