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Adam D. Dixon - One of the best experts on this subject based on the ideXlab platform.
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The strange geographies of the ‘new’ State Capitalism
Political Geography, 2020Co-Authors: Ilias Alami, Adam D. DixonAbstract:Abstract The recent polymorphism of State intervention and attendant political geographies have been interpreted as a return of State Capitalism. While commentators across the social sciences have offered competing characterizations of the new State Capitalism, little attention has been dedicated to how narratives and geographical imaginaries of the new State Capitalism operate as a form of geopolitical knowledge and practice. Drawing upon critical geopolitics, we make three main arguments. First, we examine the context of wider geopolitical and geo-economic shifts in which the social construction of the geo-category has happened. We contend that the emerging new spatiality of the global economy has prompted the need for new discursive frames and geopolitical lines of reasoning. Second, we argue that this need is fulfilled by the geo-category State Capitalism, which acts as a powerful tool in categorizing and hierarchizing the spaces of world politics. It does so by reinstituting a simple narrative of competition between two easily identifiable protagonists – (Western) democratic free-market Capitalism and its deviant ‘other’, (Eastern) authoritarian State Capitalism – and by reactivating older geopolitical grand narratives. Third, the geo-category State Capitalism discursively enables Western business and State actors to justify tougher policy stances in three areas: foreign policy; trade, technology, and investment regulation; and international development.
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State Capitalism(s) redux? Theories, tensions, controversies:
Competition & Change, 2019Co-Authors: Ilias Alami, Adam D. DixonAbstract:This article interrogates the notion of State Capitalism, exploring the contributions and limits of the concept as a means of theorizing the more visible role of the State across the world capitali...
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The Strange Geographies of the ‘New State Capitalism’
SSRN Electronic Journal, 2019Co-Authors: Ilias Alami, Adam D. DixonAbstract:The recent polymorphism of State intervention and attendant political geographies have been interpreted as a return of State Capitalism. While commentators across the social sciences have offered competing characterizations of the new State Capitalism, little attention has been dedicated to how narratives and geographical imaginaries of the new State Capitalism operate as a form of geopolitical knowledge and practice. Drawing upon critical geopolitics, we make three main arguments. First, we examine the context of wider geopolitical and geo-economic shifts in which the social construction of the geo-category has happened. We contend that the emerging new spatiality of the global economy has prompted the need for new discursive frames and geopolitical lines of reasoning. Second, we argue that this need is fulfilled by the geo-category State Capitalism, which acts as a powerful tool in categorizing and hierarchizing the spaces of world politics. It does so by reinstituting a simple narrative of competition between two easily identifiable protagonists – (Western) democratic free-market Capitalism and its deviant ‘other’, (Eastern) authoritarian State Capitalism – and by reactivating older geopolitical grand narratives. Third, the geo-category State Capitalism allows Western business and State actors to justify tougher policy stances in three areas: foreign policy; trade, technology, and investment regulation; and international development.
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State Capitalism(s) Redux?: Theories, Tensions, Controversies
SSRN Electronic Journal, 2019Co-Authors: Ilias Alami, Adam D. DixonAbstract:This article interrogates the notion of State Capitalism, exploring the contributions and limits of the concept as a means of theorizing the more visible role of the State across the world capitalist economy. We critically synthesize the key arguments, outlining commonly cited properties and practices of State Capitalism, in three bodies of literature: strategic management, comparative Capitalism, and international political economy. We find that the term not only lacks a unified definition, but actually refers to an extremely wide array of policy instruments, strategic objectives, institutional forms, and networks, that involve the State to different degrees. For this proliferation of competing usages to be productive and not lead to analytical impasses, we argue that there is a need for a heightened level of reflexive scrutiny of State Capitalism as a category of analysis. In that spirit, we identify three issues that the literature must further grapple with for the term to be analytically meaningful, that is, capable of rendering (State)capitalist diversity amenable to analysis and critique: (1) the ‘missing link’ of a theory of the capitalist State, (2) the time horizons of State Capitalism, or the question of ‘periodization’, (3) territorial considerations, or the question of ‘locating’ State Capitalism.
Ilias Alami - One of the best experts on this subject based on the ideXlab platform.
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The strange geographies of the ‘new’ State Capitalism
Political Geography, 2020Co-Authors: Ilias Alami, Adam D. DixonAbstract:Abstract The recent polymorphism of State intervention and attendant political geographies have been interpreted as a return of State Capitalism. While commentators across the social sciences have offered competing characterizations of the new State Capitalism, little attention has been dedicated to how narratives and geographical imaginaries of the new State Capitalism operate as a form of geopolitical knowledge and practice. Drawing upon critical geopolitics, we make three main arguments. First, we examine the context of wider geopolitical and geo-economic shifts in which the social construction of the geo-category has happened. We contend that the emerging new spatiality of the global economy has prompted the need for new discursive frames and geopolitical lines of reasoning. Second, we argue that this need is fulfilled by the geo-category State Capitalism, which acts as a powerful tool in categorizing and hierarchizing the spaces of world politics. It does so by reinstituting a simple narrative of competition between two easily identifiable protagonists – (Western) democratic free-market Capitalism and its deviant ‘other’, (Eastern) authoritarian State Capitalism – and by reactivating older geopolitical grand narratives. Third, the geo-category State Capitalism discursively enables Western business and State actors to justify tougher policy stances in three areas: foreign policy; trade, technology, and investment regulation; and international development.
-
State Capitalism(s) redux? Theories, tensions, controversies:
Competition & Change, 2019Co-Authors: Ilias Alami, Adam D. DixonAbstract:This article interrogates the notion of State Capitalism, exploring the contributions and limits of the concept as a means of theorizing the more visible role of the State across the world capitali...
-
The Strange Geographies of the ‘New State Capitalism’
SSRN Electronic Journal, 2019Co-Authors: Ilias Alami, Adam D. DixonAbstract:The recent polymorphism of State intervention and attendant political geographies have been interpreted as a return of State Capitalism. While commentators across the social sciences have offered competing characterizations of the new State Capitalism, little attention has been dedicated to how narratives and geographical imaginaries of the new State Capitalism operate as a form of geopolitical knowledge and practice. Drawing upon critical geopolitics, we make three main arguments. First, we examine the context of wider geopolitical and geo-economic shifts in which the social construction of the geo-category has happened. We contend that the emerging new spatiality of the global economy has prompted the need for new discursive frames and geopolitical lines of reasoning. Second, we argue that this need is fulfilled by the geo-category State Capitalism, which acts as a powerful tool in categorizing and hierarchizing the spaces of world politics. It does so by reinstituting a simple narrative of competition between two easily identifiable protagonists – (Western) democratic free-market Capitalism and its deviant ‘other’, (Eastern) authoritarian State Capitalism – and by reactivating older geopolitical grand narratives. Third, the geo-category State Capitalism allows Western business and State actors to justify tougher policy stances in three areas: foreign policy; trade, technology, and investment regulation; and international development.
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State Capitalism(s) Redux?: Theories, Tensions, Controversies
SSRN Electronic Journal, 2019Co-Authors: Ilias Alami, Adam D. DixonAbstract:This article interrogates the notion of State Capitalism, exploring the contributions and limits of the concept as a means of theorizing the more visible role of the State across the world capitalist economy. We critically synthesize the key arguments, outlining commonly cited properties and practices of State Capitalism, in three bodies of literature: strategic management, comparative Capitalism, and international political economy. We find that the term not only lacks a unified definition, but actually refers to an extremely wide array of policy instruments, strategic objectives, institutional forms, and networks, that involve the State to different degrees. For this proliferation of competing usages to be productive and not lead to analytical impasses, we argue that there is a need for a heightened level of reflexive scrutiny of State Capitalism as a category of analysis. In that spirit, we identify three issues that the literature must further grapple with for the term to be analytically meaningful, that is, capable of rendering (State)capitalist diversity amenable to analysis and critique: (1) the ‘missing link’ of a theory of the capitalist State, (2) the time horizons of State Capitalism, or the question of ‘periodization’, (3) territorial considerations, or the question of ‘locating’ State Capitalism.
Aldo Musacchio - One of the best experts on this subject based on the ideXlab platform.
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State Capitalism in international context: Varieties and variations
Journal of World Business, 2021Co-Authors: Mike Wright, Geoffrey Wood, Aldo Musacchio, Ilya Okhmatovskiy, Anna Grosman, Jonathan P. DohAbstract:Abstract State interventions in markets assume varieties of forms in different economic systems. To capture this variety, we consider State Capitalism as a multidimensional concept, first reviewing its historical evolution from both practical and scholarly vantages. We describe several dimensions of State Capitalism and demonstrate how cross-national variations can be captured through positioning countries along these dimensions. We use cross-sectional data for a large sample of countries to derive factors that represent key dimensions of State Capitalism. We demonstrate how cross-national and historical variation in State Capitalism is captured by this Virtual Special Issue and offer suggestions for future research.
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State Capitalism: At the Interface between State Control and Private Capital
Academy of Management Proceedings, 2017Co-Authors: Anna Grosman, Mike Wright, Aldo Musacchio, Ilya Okhmatovskiy, Alvaro Cuervo-cazurra, Christina L Ahmadjian, Pei SunAbstract:The latest version of State Capitalism is based on a variety of formal and informal cooperative relationships between governmental organizations and private businesses, giving rise to many interfaces at institutional, economic, political and social levels. Integrated into an intensively globalized economic system, the new State Capitalism is characterized by the prominence of multinational corporations with mixed State and private ownership. Since State-affiliated organizations operate at the interface between State and private sectors, new theoretical perspectives are needed to understand these hybrid organizations. In the five presented papers, we research organizational forms of State control at numerous interfaces, such as State-owned MNCs, foreign-State JVs, and State business groups, with a special focus on corporate governance, RD Northeastern U. State...
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New Varieties of State Capitalism: Strategic and Governance Implications
Academy of Management Perspectives, 2015Co-Authors: Aldo Musacchio, Sergio G. Lazzarini, Ruth V. AguileraAbstract:We analyze the new varieties of State Capitalism in the 21st century and explore their implications in terms of both strategic and governance outcomes. We begin by discussing how the current theoretical perspectives conceptualize State-owned enterprises' strategic behavior. Then we introduce a stylized distinction between four broad, new varieties of State Capitalism—wholly owned State-owned enterprises, the State as a majority investor, the State as a minority investor, and the State as a strategic supporter of specific sectors—and survey each type within the different theoretical perspectives. Last, we examine firm performance for each type of State Capitalism relative to private firms and contingent on country-level institutional contingencies. This article contributes to existing debates on comparative Capitalisms and the current role of the State.
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Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond
2014Co-Authors: Aldo Musacchio, Sergio G. LazzariniAbstract: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.
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Leviathan in Business: Varieties of State Capitalism and Their Implications for Economic Performance
SSRN Electronic Journal, 2012Co-Authors: Aldo Musacchio, Sergio G. LazzariniAbstract:In this paper we document the extent and reach of State Capitalism around the world and explore its economic implications. We focus on governmental provision of capital to corporations – either equity or debt – as a defining feature of State Capitalism. We present a stylized distinction between two broad, general varieties of State Capitalism: one through majority control of companies (e.g. State-controlled SOEs) and a hybrid form that relies on minority investments in companies by development banks, pension funds, sovereign wealth funds, and the government itself. We label these two alternative modes Leviathan as a majority investor and Leviathan as a minority investor, respectively. Next we differentiate between these two modes by describing their key fundamental traits and the conditions that should make each mode more conducive to development and superior economic performance.
Sergio G. Lazzarini - One of the best experts on this subject based on the ideXlab platform.
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New Varieties of State Capitalism: Strategic and Governance Implications
Academy of Management Perspectives, 2015Co-Authors: Aldo Musacchio, Sergio G. Lazzarini, Ruth V. AguileraAbstract:We analyze the new varieties of State Capitalism in the 21st century and explore their implications in terms of both strategic and governance outcomes. We begin by discussing how the current theoretical perspectives conceptualize State-owned enterprises' strategic behavior. Then we introduce a stylized distinction between four broad, new varieties of State Capitalism—wholly owned State-owned enterprises, the State as a majority investor, the State as a minority investor, and the State as a strategic supporter of specific sectors—and survey each type within the different theoretical perspectives. Last, we examine firm performance for each type of State Capitalism relative to private firms and contingent on country-level institutional contingencies. This article contributes to existing debates on comparative Capitalisms and the current role of the State.
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Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond
2014Co-Authors: Aldo Musacchio, Sergio G. LazzariniAbstract: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.
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Leviathan in Business: Varieties of State Capitalism and Their Implications for Economic Performance
SSRN Electronic Journal, 2012Co-Authors: Aldo Musacchio, Sergio G. LazzariniAbstract:In this paper we document the extent and reach of State Capitalism around the world and explore its economic implications. We focus on governmental provision of capital to corporations – either equity or debt – as a defining feature of State Capitalism. We present a stylized distinction between two broad, general varieties of State Capitalism: one through majority control of companies (e.g. State-controlled SOEs) and a hybrid form that relies on minority investments in companies by development banks, pension funds, sovereign wealth funds, and the government itself. We label these two alternative modes Leviathan as a majority investor and Leviathan as a minority investor, respectively. Next we differentiate between these two modes by describing their key fundamental traits and the conditions that should make each mode more conducive to development and superior economic performance.
Ruth V. Aguilera - One of the best experts on this subject based on the ideXlab platform.
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New Varieties of State Capitalism: Strategic and Governance Implications
Academy of Management Perspectives, 2015Co-Authors: Aldo Musacchio, Sergio G. Lazzarini, Ruth V. AguileraAbstract:We analyze the new varieties of State Capitalism in the 21st century and explore their implications in terms of both strategic and governance outcomes. We begin by discussing how the current theoretical perspectives conceptualize State-owned enterprises' strategic behavior. Then we introduce a stylized distinction between four broad, new varieties of State Capitalism—wholly owned State-owned enterprises, the State as a majority investor, the State as a minority investor, and the State as a strategic supporter of specific sectors—and survey each type within the different theoretical perspectives. Last, we examine firm performance for each type of State Capitalism relative to private firms and contingent on country-level institutional contingencies. This article contributes to existing debates on comparative Capitalisms and the current role of the State.