Sovereign Wealth Funds: Legitimacy, Governance, and Global Power

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Overview

"In the last several decades, sovereign wealth funds have come to play a major role in international financial arrangements. Sovereign Wealth Funds lays out a masterful analysis of this subject. The book discusses three vital dimensions of these funds: their history and geography, their varying governance structures, and their deployment as strategic national resources. A clear grasp of these dimensions is essential for dealing with the rapidly shifting relations between finance, globalization, and the nation-state. This book is an outstanding scholarly contribution to understanding the emerging world of the twenty-first century."—Allen J. Scott, University of California, Los Angeles

"In this pathbreaking study, three leading financial geographers elucidate the origins, activities, and implications of state-owned investment funds. Today's policymakers as well as scholars across a range of disciplines confront the challenge of understanding the dynamic relationship between governments and globalizing capital markets. This highly original book examines a vital and increasingly important aspect of that relationship. Future policy debates and analytical explorations must begin here."—Louis W. Pauly, University of Toronto

"State-owned investment funds are growing in size, influence, and power. We need to understand them, yet they are diverse. Clark, Dixon, and Monk tell us what attributes these institutions share and how they differ. I particularly like their series of detailed case studies of major sovereign funds. This book is illuminating and I highly recommend it to readers."—Elroy Dimson, London Business School and chairman of the Strategy Council for the Norwegian Government Pension Fund—Global

"This original book sheds light on the forms and functions of sovereign wealth funds, and maps at the same time the global influence of these institutions. Providing an original classification of these funds, the authors offer a series of in-depth case studies that combine broad perspectives on the world economy with specific national examples."—Valeria Miceli, Universit Cattolica, Milan

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Editorial Reviews

From the Publisher
"[T]he book represents a genuinely excellent introduction to SWFs with respect to questions of legitimacy, governance and rationale. It is also extremely clearly organized and written; it is, in fact, a model of clean, precise and unadorned prose. Although the vast bulk of the book has previously been published elsewhere, in very similar form, in the shape of eight journal articles, it pulls together those existing materials in an impressively coherent, persuasive and ultimately very useful way."—Brett Christophers, Journal of Economic Geography
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Product Details

  • ISBN-13: 9780691142296
  • Publisher: Princeton University Press
  • Publication date: 7/21/2013
  • Pages: 236
  • Sales rank: 1,419,829
  • Product dimensions: 6.40 (w) x 9.30 (h) x 0.80 (d)

Meet the Author

Gordon L. Clark is professor and executive director of the Smith School of Enterprise and the Environment at the University of Oxford, and the Sir Louis Matheson Distinguished Visiting Professor at Monash University. Adam D. Dixon is lecturer and university research fellow at the University of Bristol and visiting research associate at the University of Oxford. Ashby H. B. Monk is a research director at Stanford University and senior research associate at the University of Oxford.

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Table of Contents

List of Figures and Tables ix
Preface xi
Acknowledgments xix
1 Introduction 1
2 The Rise of Sovereign Wealth Funds 13
3 Rethinking the "Sovereign" in Sovereign Wealth Funds 30
4 The Virtues of Long-Term Commitment: Australia's Future Fund 46
5 The Ethics of Global Investment: Norway's Government Pension Fund 67
6 Insurer of Last Resort: Singapore's Government Investment Corporation 86
7 Legitimacy, Trade, and Global Imbalances: The China Investment Corporation 105
8 Modernity, Imitation, and Performance: The Gulf States' Funds 121
9 Conclusion: Form and Function in the Twenty-First Century 137
Appendix: Scoping Best Practice 155
Notes 163
References 173
Index 195

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