ABSTRACT
Alami and Dixon instead treat state capitalism not as a well-defined analytical category but rather a "flexible means of problematising...trajectories of state intervention and the role that it plays in the (geo) political re-organisation of global capitalism" ([1]: xx). One way this query might be posed is where in the world the phenomena described under the rubric of state capitalism are most pronounced or perhaps newly apparent;in which countries or in what parts of the world do we see a more muscular or interventionist state? Keywords: State capitalism;hegemonic cycles;macrohistorical sociology EN State capitalism hegemonic cycles macrohistorical sociology 770 773 4 05/16/23 20230501 NES 230501 The term "state capitalism" dates from the late nineteenth century, when it was coined by Marxists seeking to understand the growing role of the state as an owner of capital and orchestrator of production in European countries. [Extracted from the article] Copyright of Environment & Planning A is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)
ABSTRACT
Sovereign wealth funds (SWFs) have been significantly and uniquely affected by the COVID-19 pandemic. From March 2020 to December 2021, governments around the world withdrew over US$ 211 billion from their books and "invited” them to bailout different sectors and businesses, most notably, state-owned airlines. However, some SWFs were also able to pursue opportunities overseas, and most grew their assets under management tremendously due to the stock market rally that followed the market and oil bust of the beginning of 2020. However, state investors are not expecting markets to stay bullish forever, and have been building an adequate level of liquidity in their books and of resilience as an organization for the next market shock, which may as well come with ESG. One can argue that SWFs have indeed entered a new phase "SWF 3.0” characterized by increasing size, influence, maturity, and sophistication;by an interest in different asset classes, regions, and industries;and by a focus on sustainability, collaboration, and long-term survival. © 2023, Academy of International Business.
ABSTRACT
Saudi Arabia's Public Investment Fund (PIF) has grown from marginal player to the most important economic actor in the Kingdom since 2015. Nevertheless, we know surprisingly little about the political economy of the PIF revamp. Against an unfavorable macroeconomic backdrop, I argue that shifts in PIF organization and orientation are fundamentally driven by the centralization of power within the circles of the Saudi ruling family since the rise of Mohammed bin Salman (MBS). The fund's governance framework and network of insiders forming the board of directors mirror the concentration of authority around MBS. In turn, PIF domestic activities shifted from scattered investment patterns associated with the competing influence of senior decision-makers to a highly authoritative and personalized strategy. Moreover, the PIF's response to COVID-19 further exemplifies the turn from a conservative strategy toward a short-term oriented approach to sovereign wealth management. Going beyond macro-level economic and institutional dynamics, the article introduces the role of political agency in SWF choices by stressing how political actors and the distribution of power within ruling elites shape SWFs. The article thus adds to the scholarship on domestic drivers of SWFs and contributes to debates surrounding the interplay between states and markets under processes of financialization.
ABSTRACT
The public sector is the largest UK landowner and space occupier with local authorities owning and managing the majority of the real estate assets to meet services to the community. As central funding of these services reduce and the knowledge economy is changing the way we live, local governments are looking at more efficient and effective ways of managing their real estate operations and creating investment value to bridge the gap between funding shortfalls and the demand for public services. Several local authorities are now investing in commercial properties as a way to generate long term stable income streams although current practices are highlighting narrow portfolio diversification, management challenges, fee leakage and limited awareness of the knowledge economy on future real estate returns. This research paper examines the issues and provides a conceptual framework for a Sovereign Public Sector Property Fund which can create local level opportunities alongside a stable long term income stream. This can be achieved through a pooling of prime local government real estate assets to offer portfolio diversification with quality management, good governance, local authority appointed steering committee members and exposure to opportunities to benefit from aspects of the knowledge economy. Supported by central government, individual real estate assets in a Sovereign Public Sector Property Fund can provide a local destination with placemaking potential in the post COVID-19 era. Strengthening the connection between people and place, the real estate in the fund can be the catalyst for local employment opportunities and support surrounding communities. This exploratory study covers an important part of the UK economy and offers a valuable insight into creating a new real estate investment vehicle which can elevate the often underutilised prime local authority real estate assets.
ABSTRACT
In the aftermath of the COVID-19 pandemic, non-core investments are gaining traction amongst institutional investors due to the shifting preference towards investment vehicles that position higher on the risk–return curve. Non-listed value-add real estate funds in Japan are one such vehicle. This research develops a comprehensive bespoke benchmark total return index using the ANREV database to reflect the performance of Japan-focussed non-listed value-add real estate funds. We compare the performance of such funds with that of other asset classes and perform portfolio and regression analyses. We conclude that there are several advantages to investing in those funds, including: (1) strong absolute total return performance, (2) competitive risk-adjusted performance, and (3) significant portfolio diversification potential in a mixed-asset portfolio context. The strategic implications for real estate investors are also assessed.
ABSTRACT
Saudi Arabia's Public Investment Fund (PIF) has grown from marginal player to the most important economic actor in the Kingdom since 2015. Nevertheless, we know surprisingly little about the political economy of the PIF revamp. Against an unfavorable macroeconomic backdrop, I argue that shifts in PIF organization and orientation are fundamentally driven by the centralization of power within the circles of the Saudi ruling family since the rise of Mohammed bin Salman (MBS). The fund's governance framework and network of insiders forming the board of directors mirror the concentration of authority around MBS. In turn, PIF domestic activities shifted from scattered investment patterns associated with the competing influence of senior decision-makers to a highly authoritative and personalized strategy. Moreover, the PIF's response to COVID-19 further exemplifies the turn from a conservative strategy toward a short-term oriented approach to sovereign wealth management. Going beyond macro-level economic and institutional dynamics, the article introduces the role of political agency in SWF choices by stressing how political actors and the distribution of power within ruling elites shape SWFs. The article thus adds to the scholarship on domestic drivers of SWFs and contributes to debates surrounding the interplay between states and markets under processes of financialization. [ FROM AUTHOR] Copyright of Review of International Political Economy is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)