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I have a new paper w/ @MWigell : “The emergence of Strategic Capitalism - Geoeconomics, Corporate Statecraft & the repurposing of the global economy”. We take a fresh look at states & markets to describe this shift
@FIIA_fi @LeuvenGGS
https://www.fiia.fi/en/publication/the-emergence-of-strategic-capitalism [thread1/10]
@FIIA_fi @LeuvenGGS
https://www.fiia.fi/en/publication/the-emergence-of-strategic-capitalism [thread1/10]
States are actively deploying geoeconomic measures. Firms try to preserve businesses by a nuanced set of reactions that both constrain & stimulate geoeconomic policies.
This dynamic is making capitalism more state-led and strategic 2/
@gideonrachman https://www.ft.com/content/9000d2b0-460f-4380-b5de-cd7fdb9416c8
This dynamic is making capitalism more state-led and strategic 2/
@gideonrachman https://www.ft.com/content/9000d2b0-460f-4380-b5de-cd7fdb9416c8
Geoeconomics now extends beyond US-China relations; affects more than tech sector & is not circumscribed to nat'l sec claims. An increasing number of assets become "strategic" + origin of mkt actors affect their bizz prospects 3/ @markhleonard @leemakiyama @JPKleinhans @TGehrke_
Aside from carving out assets from the interplay of mkt forces, states are expected to engage in a "balance of dependence": how much do they rely on other states & what to do about it? 4/ @thomaswright08 @AaronFriedberg @AntheaERoberts @JanaTitievskaia https://nzchinacouncil.org.nz/2020/08/report-explores-new-zealands-trade-exposure-to-china/
Through "corporate statecraft", firms try to preserve bizz as usual in a changing strat context: they push back against geoec measures but also support some state intervention. Some companies take sides in strat divide 5/ @geoffreygertz @ANewman_forward https://www.nationalreview.com/2020/08/mark-zuckerberg-continues-facebooks-turn-against-china/
An interesting dynamic is triggered by strategic capitalism: firms' economic goals might decouple from the strategic interests of their home states -- but converge w/ strat interests of third states 6/ @RanaForoohar @HeikoBorchert @JamilAnderlini https://www.ft.com/content/598b04cc-286d-11ea-9a4f-963f0ec7e134
Some companies/economic sectors might be subject to bashing from their home governments for engaging w/ foreign states. Some are spared from such treatment. How far can govs go in inducing firms not to pursue econ goals? 7/ https://www.state.gov/communist-china-and-the-free-worlds-future/#.X3PTz8BdKgI.twitter
The geoeconomic/corporate statecraft dynamic plays out at diff levels, but domestic politics is key in defining how far states will manage to advance geoeconomic measures - & how strategic capitalism might become 8/ @njtmulder @limdarrenj @VictorAFerguson @martyaweiss
@BrankoMilan speaks of a "clash of capitalisms". Strategic capitalism is increasingly the logic disciplining interactions between these capitalisms 9/ @harlangcohen @loyaladvisor @fmorosini @FelipeAugMac https://www.foreignaffairs.com/articles/united-states/2019-12-10/clash-capitalisms?utm_medium=social
A lot of p'cy-making is going on to keep strat assets under states' control. Many fresh examples that do justice to the thinking of Hirschmann @ELuttwak Gilpin et al, but that also require new concepts. Current geoeconomic cycle is unprecedented /end
@AmritaNarlikar @brazbaracuhy
@AmritaNarlikar @brazbaracuhy
