The International Political Economy of Sovereign Wealth Funds
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Abstract
The study of “The International Political Economy of Sovereign Wealth Funds” aims toexamine the evolution of Sovereign Wealth Fund in the international political economy system and its consequence to the geo-politics and geo-economics. This study is conducted by qualitative method by employing documentary research to explore a new knowledge. The study found that the emergence of Sovereign Wealth Funds (SWFs) has been becoming increasingly important in the world capitalism, particularly, when SWFs have used their tremendous wealth to invest and give support some of financial institutions and investment banking. The actions come as other kinds of acquirers have been sidelined by the subprime crisis. The Wall Streets’ best-known firms such as Merrill Lynch, Morgan Stanley and Citigroup became the latest to get the sovereign-wealth treatment, picking up a further $ 4.4 billion, 5 billion and 7.5 billion respectively, by the Temasek of Singapore, China Investment Corporation and Abu Dhabi Investment Authority of the United Arab Emirates, much of them from the governments in Asia and the Middle East. In the one hand, in principle everyone welcomes foreign investment, but on the other hand when the money belongs to other governments, people, especially politicians, are not always so sure. American’s Congress has uttered barely a success as Wall Streets’ big firms have taken foreign cash. But when credit was loosed it was alarmed at the state-backed acquisition of oil companies, telecommunications, airports, ports and infrastructure projects. The role of SWFs has made a change to the international political economy, particularly, in the capital globalization, international monetary and financial system. After the World War II, the trans-national corporations have driven the world capitalism, those firms characterized as the private capitalism. Today, the capitalism system that has been forcing by the private capitalism is challenged by the SWFs, the government-owned investment funds, which is becoming greater influence in the global capital market.
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