The Rise of State Capital

Global Rivalries and Competing Geoeconomic Strategies

Milan Babic

£65.00  |  $95.00
ISBN 9781788214360
£24.99  |  $35.00
ISBN 9781788215725
£24.99  |  $35.00
ISBN 9781788214377
192 pages   |  234 x 156mm   |  26 January 2023


The past two decades has seen a rapid rise in large-scale, state-led transnational investment from countries as different as China, Norway and Qatar. By bundling economic resources, these countries have entered global markets through massive state-led investments. This transformation of states into global economic actors is historically unprecedented and presents a major challenge for how states relate to each other in the international system.

Milan Babic examines how states have become major corporate owners in the global economy and unpacks the lasting effects of this on our understanding of the state and international politics. Drawing on research into the largest firm-level dataset on state ownership to date, in combination with in-depth historical and conceptual analysis, the book offers a comprehensive analysis of the rise of the state in the global economy and its present and future consequences for international relations.


1. Introduction: states and markets are different things – or are they?
2. A short history of the re-emergence of state capital(ism)
3. Transnational state capital in the global political economy
4. Strategies of the competing state: controlling strategies
5. Strategies of the competing state: financial strategies
6. Consequences: Covid-19, geoeconomics, climate change
7. Conclusion: states, markets and the future of globalization

Author Information

Milan Babic is a postdoctoral researcher in the Faculty of Social Sciences at Maastricht University.

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