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Global Finance and Localization: Four Possible Outcomes

In: Localizing Global Finance: The Rise of Western-Style Private Equity in China

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  • Justin Robertson

Abstract

This chapter establishes a framework to evaluate patterns of localization. On the basis of whether Western financial models are modified significantly and whether local or foreign actors drive change, there are four different localization outcomes: full, modified, replica and absent forms of localization. Some of the key literature underpinning these different outcomes is introduced. In particular, a resistant domestic political economy framework is shown to be incomplete in explaining “new” finance in Chinese political economy. The chapter points to replica localization as a more persuasive model of the Chinese private equity industry.

Suggested Citation

  • Justin Robertson, 2015. "Global Finance and Localization: Four Possible Outcomes," Palgrave Macmillan Books, in: Localizing Global Finance: The Rise of Western-Style Private Equity in China, chapter 3, pages 16-23, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-51402-8_3
    DOI: 10.1057/9781137514028_3
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