Privatization State Capitalism And State Ownership Of Business In The 21st Century

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Privatization, State Capitalism, and State Ownership of Business in the 21st Century

William L. Megginson
Privatization State Capitalism and State Ownership of Business in the 21st Century Book PDF

Author : William L. Megginson
Publisher : Unknown
Page : 162 pages
File Size : 51,5 Mb
Release : 2017-11-28
Category : Business & Economics
ISBN : 1680833383

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Privatization, State Capitalism, and State Ownership of Business in the 21st Century by William L. Megginson Pdf

Privatization, State Capitalism, and State Ownership of Business in the 21st Century provides an overview of economic and political developments relating to privatization, state capitalism, and state ownership of business, and will then survey the extensive recent research examining privatization and state ownership. The author adopts a policy of categorizing the post-2004 research into three principal areas: (1) empirical privatization studies; (2) theoretical and empirical studies examining the level, type, and valuation impact of state ownership of business enterprises; and (3) empirical research examining the impact of state ownership on financial markets and institutions, plus the private and public social welfare implications of political connections between politicians and business executives. Privatization, State Capitalism, and State Ownership of Business in the 21st Century starts by surveying the recent empirical privatization research. Second, Section 3 summarizes the empirical and theoretical research examining the level, type, and valuation impact of state ownership in the world's major economic regions. This summary will also assess research examining the relative efficiency of state versus private ownership, and the effect of state ownership on observed corporate financial policies. Section 4 summarizes the empirical research examining the intersection of state ownership and finance. This will begin with the literature assessing the rise of sovereign wealth funds, then will survey research examining the efficiency of state owned banks, and will conclude by summarizing research questioning the private and public social welfare implications of political connections between politicians and business executives. Section 5 provides the author's concluding statements.

Privatization

Gérard Roland
Privatization Book PDF

Author : Gérard Roland
Publisher : Columbia University Press
Page : 257 pages
File Size : 42,9 Mb
Release : 2008
Category : Business & Economics
ISBN : 9780231141604

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Privatization by Gérard Roland Pdf

The privatization of large state-owned enterprises is one of the most radical policy developments of the last quarter century. Right-wing governments have privatized in an effort to decrease the size of government, while left-wing governments have privatized either to compensate for the failures of state-owned firms or to generate revenues. In this way, privatization has spread from Europe to Latin America, from Asia to Africa, reaching its zenith with Central and Eastern Europe's transition from socialism to capitalism. In many countries state ownership has been an important tool in bringing cheap water, energy, and transport to poorer segments of the population. In other instances, it has sponsored aggressive cutbacks, corruption, and cronyism. Privatization: Successes and Failures evaluates the practices and results of privatization in Eastern Europe, Africa, Latin America, and Asia. Featuring the world's leading economists and experts on privatization, this volume offers a broad and balanced analysis of specific privatization projects and uncovers some surprising trends. Partial privatization, for example, tends to be more widespread than one might think, and the effects of privatization on efficiency are generally mixed but rarely negative. Also, while privatization appears uncontroversial in competitive sectors, it becomes increasingly complex in more monopolistic sectors where good regulation is crucial. Privatization concludes with alternative frameworks for countries in Africa and other regions that seek to develop privatization policy and programs.

Reinventing State Capitalism

Aldo Musacchio,Sergio G. Lazzarini
Reinventing State Capitalism Book PDF

Author : Aldo Musacchio,Sergio G. Lazzarini
Publisher : Harvard University Press
Page : 358 pages
File Size : 55,8 Mb
Release : 2014-04-22
Category : Business & Economics
ISBN : 9780674729681

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Reinventing State Capitalism by Aldo Musacchio,Sergio G. Lazzarini Pdf

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.

State Capitalism In Eurasia

Spechler Martin C,Ahrens Joachim,Hoen Herman W
State Capitalism In Eurasia Book PDF

Author : Spechler Martin C,Ahrens Joachim,Hoen Herman W
Publisher : World Scientific
Page : 156 pages
File Size : 50,6 Mb
Release : 2017-06-16
Category : Political Science
ISBN : 9789813149397

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State Capitalism In Eurasia by Spechler Martin C,Ahrens Joachim,Hoen Herman W Pdf

This is the first book to specify the type of economic system that has arisen in Central Asia, replacing the simplistic ideas of "petro-state" or "resource dependent." The book presents three types of state capitalism now established in the former Soviet Union states of Eurasia — crony, dual-sector, and predatory capitalism. It provides first-hand research based on extensive interviewing in the native languages in five of the six. From the political economic perspective, it surveys the source of resources for these authoritarian regimes, their decision-making, and the disposition of government funds, including corruption.

Privatising State-Owned Enterprises An Overview of Policies and Practices in OECD countries

OECD
Privatising State Owned Enterprises An Overview of Policies and Practices in OECD countries Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 148 pages
File Size : 49,9 Mb
Release : 2003-11-18
Category : Electronic
ISBN : 9789264104099

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Privatising State-Owned Enterprises An Overview of Policies and Practices in OECD countries by OECD Pdf

This report contributes to the dissemination of information on OECD privatisation methods and techniques. It primarily draws upon information that has accumulated during the course of the life of the OECD Privatisation Network and its outreach activity.

The End of the Free Market

Ian Bremmer
The End of the Free Market Book PDF

Author : Ian Bremmer
Publisher : Penguin
Page : 200 pages
File Size : 44,5 Mb
Release : 2010-05-13
Category : Business & Economics
ISBN : 9781101429457

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The End of the Free Market by Ian Bremmer Pdf

Understanding the rise of state capitalism and its threat to global free markets The End of the Free Market details the growing phenomenon of state capitalism, a system in which governments drive local economies through ownership of market-dominant companies and large pools of excess capital, using them for political gain. This trend threatens America's competitive edge and the conduct of free markets everywhere. An expert on the intersection of economics and politics, Ian Bremmer has followed the rise of state-owned firms in China, Russia, the Arab states of the Persian Gulf, Iran, Venezuela, and elsewhere. He demonstrates the growing challenge that state capitalism will pose for the entire global economy. Among the questions addressed: Are we on the brink of a new kind of Cold War, one that pits competing economic systems in a battle for dominance? Can free market countries compete with state capitalist powerhouses over relations with countries that have elements of both systems-like India, Brazil, and Mexico? Does state capitalism have staying power? This guide to the next big global economic trend includes useful insights for investors, business leaders, policymakers, and anyone who wants to understand important emerging changes in international politics and the global economy.

The Oxford Handbook of State Capitalism and the Firm

Late Professor of Entrepreneurship Mike Wright,Mike Wright,Dancap Private Equity Chair and Professor Geoffrey T Wood,Geoffrey T. Wood,Alvaro Cuervo-Cazurra,Professor of International Business and Strategy Alvaro Cuervo-Cazurra,Chair of International Business Pei Sun,Pei Sun,Ilya Okhmatovskiy,Anna Grosman
The Oxford Handbook of State Capitalism and the Firm Book PDF

Author : Late Professor of Entrepreneurship Mike Wright,Mike Wright,Dancap Private Equity Chair and Professor Geoffrey T Wood,Geoffrey T. Wood,Alvaro Cuervo-Cazurra,Professor of International Business and Strategy Alvaro Cuervo-Cazurra,Chair of International Business Pei Sun,Pei Sun,Ilya Okhmatovskiy,Anna Grosman
Publisher : Oxford University Press
Page : 913 pages
File Size : 47,7 Mb
Release : 2022-07-28
Category : Capitalism
ISBN : 9780198837367

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The Oxford Handbook of State Capitalism and the Firm by Late Professor of Entrepreneurship Mike Wright,Mike Wright,Dancap Private Equity Chair and Professor Geoffrey T Wood,Geoffrey T. Wood,Alvaro Cuervo-Cazurra,Professor of International Business and Strategy Alvaro Cuervo-Cazurra,Chair of International Business Pei Sun,Pei Sun,Ilya Okhmatovskiy,Anna Grosman Pdf

There has been a major revival of interest in State Capitalism: What it is, where it is found, and why it is seemingly becoming more ubiquitous. As a concept, it has evolved from radical critiques of the Soviet Union, to being deployed by neo-liberals to describe market reforms deemed imperfect, to settle into a middle ground, as a pragmatic way to describe the state assuming a role as an active economic agent, in addition to its regulatory, social, and security functions. The latter is the central focus of this book, although due attention is accorded to the origins of state capitalism and how it has changed over the years, as well as contemporary ways in which state capitalism may be theorized. This economic agency may assume direct forms, for example, via state owned enterprises. However, it may also be indirect, for example, actively serving private interests through promoting insider firms, who may occupy monopolistic market positions and perform outsourced state functions. In turn, this leads to raise salient governance questions. The latter may encompass agency tensions between public ownership, and political or even private interest control; it may also include issues of transparency and monitoring. Although state capitalism has often been depicted as the preserve of states in the global south, be they developmental or predatory, many forms of state capitalism are visible in mature economies, be they liberal or coordinated, and this is not always associated with superior governance arrangements; indeed, this is an area where clear and easy divisions between the developing or emerging world and the developed or mature world may increasingly be breaking down. This volume brings together the accounts of leading experts from around the world; it is explicitly multi-disciplinary, and both consolidates the exiting knowledge base, and provides new, novel, and counter-intuitive insights.

State Capitalism, Institutional Adaptation, and the Chinese Miracle

Barry Naughton,Kellee S. Tsai
State Capitalism Institutional Adaptation and the Chinese Miracle Book PDF

Author : Barry Naughton,Kellee S. Tsai
Publisher : Cambridge University Press
Page : 297 pages
File Size : 42,9 Mb
Release : 2015-06-09
Category : Business & Economics
ISBN : 9781107081062

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State Capitalism, Institutional Adaptation, and the Chinese Miracle by Barry Naughton,Kellee S. Tsai Pdf

This volume explores how Chinese institutions have adapted to the new challenges of 'state capitalism'.

States, Firms, and Their Legal Fictions

Melissa J. Durkee
States Firms and Their Legal Fictions Book PDF

Author : Melissa J. Durkee
Publisher : Unknown
Page : 304 pages
File Size : 46,6 Mb
Release : 2024-02-28
Category : Law
ISBN : 9781009334716

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States, Firms, and Their Legal Fictions by Melissa J. Durkee Pdf

This volume offers a new point of entry into questions about how the law conceives of states and firms. Because states and firms are fictitious constructs rather than products of evolutionary biology, the law dictates which acts should be attributed to each entity, and by which actors. Those legal decisions construct firms and states by attributing identity and consequences to them. As the volume shows, these legal decisions are often products of path dependence or conceptual metaphors like "personhood" that have expanded beyond their original uses. Focusing on attribution, the volume considers an array of questions about artificial entities that are usually divided into doctrinal siloes. These include questions about attribution of international legal responsibility to states and state-owned entities, transnational attribution of liabilities to firms, and attribution of identity rights to corporations. Durkee highlights the artificiality of doctrines that construct firms and states, and therefore their susceptibility to change.

How China Became Capitalist

R. Coase,N. Wang
How China Became Capitalist Book PDF

Author : R. Coase,N. Wang
Publisher : Springer
Page : 256 pages
File Size : 53,9 Mb
Release : 2016-04-30
Category : Business & Economics
ISBN : 9781137019370

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How China Became Capitalist by R. Coase,N. Wang Pdf

How China Became Capitalist details the extraordinary, and often unanticipated, journey that China has taken over the past thirty five years in transforming itself from a closed agrarian socialist economy to an indomitable economic force in the international arena. The authors revitalise the debate around the rise of the Chinese economy through the use of primary sources, persuasively arguing that the reforms implemented by the Chinese leaders did not represent a concerted attempt to create a capitalist economy, and that it was 'marginal revolutions' that introduced the market and entrepreneurship back to China. Lessons from the West were guided by the traditional Chinese principle of 'seeking truth from facts'. By turning to capitalism, China re-embraced her own cultural roots. How China Became Capitalist challenges received wisdom about the future of the Chinese economy, warning that while China has enormous potential for further growth, the future is clouded by the government's monopoly of ideas and power. Coase and Wang argue that the development of a market for ideas which has a long and revered tradition in China would be integral in bringing about the Chinese dream of social harmony.

State Capitalism

Lalita Som
State Capitalism Book PDF

Author : Lalita Som
Publisher : Oxford University Press
Page : 385 pages
File Size : 42,5 Mb
Release : 2022-06-07
Category : Government business enterprises
ISBN : 9780192849595

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State Capitalism by Lalita Som Pdf

The crises emanating from the Global Financial Crisis and the COVID-19 Pandemic have underscored, the emergency role of the State and its smooth, seamless reactivation, for situations when private activity and markets are disrupted. In many countries, SOEs have been a crucial part in delivering on that effort as agents of the State. While SOEs are increasingly sought to play a role during emergency situations, evidence suggests that they misallocate capital and mismanage resources. This is indicative of the conflicts of interests in owning and regulating enterprises as well as between the commercial and non-commercial objectives of SOEs, crony capitalism, the private agenda of public officials, internal management of SOEs, the significant role played by state owned banks and financial institutions and the conflicts that arise in the State's primary role vs. its ownership of enterprises. The studies of eight countries from different regions undertaken for this book, provide answers to these key policy questions related to state capitalism. Generalizing from the results of multi-country studies to arrive at universally applicable predictions, prescriptions, and policy recommendations, is inherently difficult. Individual countries are quite different in their socio-economic, historical, political, and institutional circumstances. So are their experiences, as the eight country studies highlight, even as the book attempts to extrude, from available research, the principal common characteristics of, and practices followed by, successful SOEs independently of country context. Among other conditions, the two most important conclusions that can be drawn from the country studies are that competition and regulation rather than ownership per se is key to efficiency.

Varieties of Capitalism Over Time

Niall G. Mackenzie,Andrew Perchard,Christopher Miller,Neil Forbes
Varieties of Capitalism Over Time Book PDF

Author : Niall G. Mackenzie,Andrew Perchard,Christopher Miller,Neil Forbes
Publisher : Taylor & Francis
Page : 272 pages
File Size : 49,7 Mb
Release : 2022-12-12
Category : Business & Economics
ISBN : 9781000802269

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Varieties of Capitalism Over Time by Niall G. Mackenzie,Andrew Perchard,Christopher Miller,Neil Forbes Pdf

This book looks at how varieties of capitalism emerge over time and across different geographies, and is comprised of submissions from scholars around the globe. Covering a wide range of territories including Europe, the Americas, Africa, and Asia across both the nineteenth and twentieth centuries, this edited volume considers the roles that the state and business working together play in the emergence of different economic systems. Whilst most analyses focus on identifying different types of capitalism, the chapters in this volume instead focus on how these different types develop, the drivers of their emergence, and the people and organisations behind the developments. The geographical spread of analyses allows the reader to delve into how different countries have managed and even created their economic systems providing comparative insights into our understanding of how different national economic models develop over time. This book was originally published as a special issue of Business History.

The Business of the State

World Bank
The Business of the State Book PDF

Author : World Bank
Publisher : World Bank Publications
Page : 229 pages
File Size : 42,9 Mb
Release : 2023-12-19
Category : Business & Economics
ISBN : 9781464819995

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The Business of the State by World Bank Pdf

The state, as an owner of businesses, competes and collaborates with the private sector, and this involvement has profound implications for investment and growth. Governments actively participate in commercial markets in different forms, from controlling the production of goods and services to investing in firms as a minority shareholder. The impact of state participation on an economy's growth depends on the type of public-private ownership, the types of markets, and the importance of those markets in the economy. The impact also depends on how policies and institutions regulate both the businesses with state ownership and the markets in which they are active. The Business of the State uses new evidence covering 91 countries from the World Bank's Global Businesses of the State database to highlight the distinction between businesses of the state and traditionally understood state-owned enterprises. The report analyzes how different ownership forms across sectors and institutional settings affect private investment, productivity, technology adoption, and job creation. It also analyzes how government participation in markets influences the ability of economies to respond to shocks, from pandemics to climate change. The report proposes a clear analytical framework for understanding the consequences of relying on businesses of the state to attain specific development goals.

Sovereign Funds

Zongyuan Zoe Liu
Sovereign Funds Book PDF

Author : Zongyuan Zoe Liu
Publisher : Harvard University Press
Page : 289 pages
File Size : 54,7 Mb
Release : 2023-06-20
Category : Business & Economics
ISBN : 9780674293403

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Sovereign Funds by Zongyuan Zoe Liu Pdf

The first in-depth account of the sudden growth of China’s sovereign wealth funds and their transformative impact on global markets, domestic and multinational businesses, and international politics. One of the keys to China’s global rise has been its strategy of deploying sovereign wealth on behalf of state power. Since President Xi Jinping took office in 2013, China has doubled down on financial statecraft, making shrewd investments with the sovereign funds it has built up by leveraging its foreign exchange reserves. Sovereign Funds tells the story of how the Communist Party of China (CPC) became a global financier of surpassing ambition. Zongyuan Zoe Liu offers a comprehensive and up-to-date analysis of the evolution of China’s sovereign funds, including the China Investment Corporation, the State Administration of Foreign Exchange, and Central Huijin Investment. Liu shows how these institutions have become mechanisms not only for transforming low-reward foreign exchange reserves into investment capital but also for power projection. Sovereign funds are essential drivers of the national interest, shaping global markets, advancing the historic Belt and Road Initiative, and funneling state assets into strategic industries such as semiconductors, fintech, and artificial intelligence. In the era of President Xi, state-owned financial institutions have become gatekeepers of the Chinese economy. Political and personal relationships with prestigious sovereign funds have enabled Blackstone to flourish in China and have fueled the ascendance of private tech giants such as Alibaba, Ant Finance, and Didi. As Liu makes clear, sovereign funds are not just for oil exporters. The CPC is a leader in both foreign exchange reserves investment and economic statecraft, using state capital to encourage domestic economic activity and create spheres of influence worldwide.

Authoritarian Capitalism

Richard W. Carney
Authoritarian Capitalism Book PDF

Author : Richard W. Carney
Publisher : Cambridge University Press
Page : 333 pages
File Size : 40,5 Mb
Release : 2018-04-26
Category : Business & Economics
ISBN : 9781316510117

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Authoritarian Capitalism by Richard W. Carney Pdf

The liberal-democratic world order is confronting the rise of authoritarian state-led corporate interventions. This book explains how and why.