Citizens' Wealth: Why (and How) Sovereign Funds Should be Managed by the People for the People

In 2006, Chile teemed with protesters after finance minister Andrés Velasco invested budget surpluses from the nation’s historic copper boom in two Sovereign Wealth Funds. A year later, when prices plummeted and unemployment soared, Chile’s government was able to stimulate recovery by drawing on the funds.Â
State-owned investment vehicles that hold public funds in a wide range of assets, Sovereign Wealth Funds enable governments to access an unprecedented degree of wealth. Consequently, m...