Liu Imogen T, Dixon Adam D
Dev Change. 2021 Sep;52(5):1251-1273. doi: 10.1111/dech.12681. Epub 2021 Oct 3.
Increasing Chinese investment has raised the spectre of strategic state influence in Europe, yet the transformative potential of state capital as a global phenomenon remains under-explored. This article sheds light on the dual imperatives of transnationalizing state capital wherein the movement of capital entails both profit maximization and the extra-profit interests of the state. State-capitalist entities such as sovereign wealth funds (SWFs) are both market-facing and politically driven, disrupting ideological norms surrounding the strictly safe-keeper role of the state in private capital accumulation. The authors draw on the case of the China Investment Corporation, China's premier SWF, to argue that the transnationalization of state capital is a process deeply embedded in the liberal international order, and that it signals the metamorphosis of global capitalism in palimpsest-like ways. The global financial professions, namely investment banking, corporate law and management consulting along with other advisory services, have legitimated state capital by normalizing its political origins through technocratic, expert-driven practice to the effect that it is treated as no different from private capital in global capital networks. The article identifies three logics of practice by which professionals legitimate state capital: adoption, alliance and recreation of financial practices that have facilitated the embeddedness of state capital in global markets.
中国投资的不断增加引发了人们对国家在欧洲施加战略影响的担忧，然而，作为一种全球现象，国家资本的变革潜力仍未得到充分探索。本文揭示了国家资本跨国化的双重必要性，即资本流动既要实现利润最大化，又要满足国家的额外利益。主权财富基金等国家资本主义实体既面向市场，又受政治驱动，打破了围绕国家在私人资本积累中严格保管角色的意识形态规范。作者以中国主要的主权财富基金中国投资有限责任公司为例，认为国家资本的跨国化是一个深深植根于自由国际秩序的过程，它以类似复写本的方式预示着全球资本主义的蜕变。全球金融行业，即投资银行、公司法和管理咨询以及其他咨询服务，通过技术官僚、专家驱动的实践使国家资本的政治起源正常化，从而使其在全球资本网络中被视为与私人资本无异，进而使国家资本合法化。本文确定了专业人士使国家资本合法化的三种实践逻辑：采用、联合以及重塑金融实践，这些实践促进了国家资本在全球市场中的融入。
