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100 1 _aDIXON Adam D.
245 _aThe strategic logics of state investment funds in Asia:
_bbeyond financialisation/
_cAdam D. Dixon
260 _c2022
520 _aFinancialisation presents a constraint on state power. It also offers opportunities. State-led development, with the Asian experience at the forefront, is increasingly operationalised through different forms of state investment funds. Some of these funds have a strategic development mandate underwritten by a shareholder-value logic. While financialisation as a concept gives meaning to the embrace of the shareholder value model to explain the convergence of sovereign funds with operational practices and guiding norms of conventional financial market actors, it is insufficient in explaining how and why state investment funds differ from conventional financial actors and the underlying political dynamics that drive their emergence and evolution. To address this gap, this article advances three strategic logics: a developmental logic, a logic of regime maintenance, and a geo-political legitimacy logic. Reference to these logics provides a more nuanced understanding of state financialisation, avoiding a potentially narrow reading presented by the convergence dynamics inherent in the adoption of conventional financial practices. As such, this article contributes to emerging debates in political economy on the employment of financial logics in the pursuit of economic and political statecraft. The argument is developed empirically through an analysis of strategic investment funds in Singapore, Malaysia and Kazakhstan.
650 _aFINANCIALISATION
650 _aSTATE FINANCIALISATION
650 _aSHAREHOLDER VALUE
650 _aSOVEREIGN WEALTH FUNDS
_xSTRATEGIC INVESTMENT FUNDS
650 _aSTATE-LED DEVELOPMENT
773 _aJournal of Contemporary Asia:
_gVol.52, No. 1, March 2022, pp.127-151 (107)
598 _aASIAPAC, SING, MALAYSIA, ASIA, ASIAN
856 _uhttps://www.tandfonline.com/doi/full/10.1080/00472336.2020.1841267
_zClick here for full text
945 _i69299.1001
_rY
_sY
999 _c42378
_d42378