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The rise of transnational state capital: state-led foreign investment in the 21st century

Author

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  • Milan Babic
  • Javier Garcia-Bernardo
  • Eelke M. Heemskerk

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.

Suggested Citation

  • Milan Babic & Javier Garcia-Bernardo & Eelke M. Heemskerk, 2020. "The rise of transnational state capital: state-led foreign investment in the 21st century," Review of International Political Economy, Taylor & Francis Journals, vol. 27(3), pages 433-475, May.
    • Handle: RePEc:taf:rripxx:v:27:y:2020:i:3:p:433-475
    DOI: 10.1080/09692290.2019.1665084
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    Cited by:

    1. Linsi, Lukas & Hopkin, Jonathan & Jaupart, Pascal, 2023. "Exporting inequality: US investors and the Americanization of executive pay in the United Kingdom," LSE Research Online Documents on Economics 113543, London School of Economics and Political Science, LSE Library.
    2. Simon Hartmann & Thomas Lindner & Jakob Müllner & Jonas Puck, 2022. "Beyond the nation-state: Anchoring supranational institutions in international business research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(6), pages 1282-1306, August.
    3. Takayuki Mizuno & Shohei Doi & Shuhei Kurizaki, 2020. "The power of corporate control in the global ownership network," PLOS ONE, Public Library of Science, vol. 15(8), pages 1-19, August.
    4. Matti Ylönen & Wolfgang Drechsle & Veiko Lember, . "Online incorporation platforms in Estonia and beyond: How administrative spillover effects hamper international taxation," UNCTAD Transnational Corporations Journal, United Nations Conference on Trade and Development.
    5. Babic, Milan & Dixon, Adam & Fichtner, Jan, 2021. "Varieties of state capital: What does foreign state-led investment do in a globalized world?," OSF Preprints tm82g, Center for Open Science.
    6. Skyrman, Viktor, 2024. "Industrial policy, progressive derisking, and the financing of Europe's green transition," Working Papers 78, Austrian Foundation for Development Research (ÖFSE).
    7. Fichtner, Jan & Petry, Johannes, 2024. "Global Finance: changing practices, actors, and geographies," SocArXiv asx7t, Center for Open Science.

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