1. Tables 2.1 and 3.1 in The Rise of Neoliberal Capitalism outline the ideas and institutions of neoliberal and regulated capitalism. David Kotz has asked you, as his research assistant, to create a companion table for state capitalism.
a. Using the following format, fill in the table.
Table 4.1: The Ideas and Institutions of State Capitalism
1. Dominance of _______________ ideas and theories
2. The Global Economy: (Rules of trade/protection; intellectual property protection, exchange ranges, capital movement, etc.)
3. The Role of Government in the Economy
4. The Capital-Labor Relation/Human Rights/Democratic & Political Rights
5. The Corporate Sector
b. Elaborate on the section of your table, “Dominance of _____ ideas and theories”. What are the predominant ideas and theories of state capitalism? Why and how do these theories serve as the “ideological glue” that holds the state capitalist regime together? (150 words)
2. Sovereign wealth funds (SWFs) are one major tool/institution used by political leaders to manage their state capitalist economies.
a. Drawing on Ang, Behrendt, Bremmer and Gedeon, write your own definition of sovereign wealth fund. What are they used for? In your definition, distinguish it from central bank reserves and foreign currency reserves. (75 words)
b. What are the sources of wealth that feed sovereign wealth funds? (75 words)
c. What do Bremmer and Ang argue are the geopolitical impacts of the rise in importance and use of sovereign wealth funds? What evidence if provided to support this argument? (100-150 words)
d. Ang and Behrendt discuss transparency, legitimacy, accountability, etc. as benchmarks to judge the management of SWF’s. Make a list and define at least 4 of the major benchmarks that you would use in evaluating how well a SWF has been managed. Focus on how each impacts the management of SWF’s. (100-150 words)
3. Another major institution used to manage state capitalism are national oil and gas corporations (NOCs). Take ONE of the following state capitalist countries and discuss the role and importance of NOCs in its economy. Name the major NOCs and report on their assets and importance in the country’s GDP. Recognizing that The End of the Free Market was published in 2010, go a Google search and update your country’s NOC’s with 2018 data. (250 words)
· Saudi Arabia
· United Arab Emirates
4. What are state capitalism’s challenge to free markets?
a. Summarize Bremmer’s discussion in Chapter 4 (200 words)
b. Prepare 3 practical legislative initiatives that you could present to your national political leadership (depending on your nationality: US Congress/President; Chinese Communist Party; Russian Parliament, etc.) which would address concerns you might have about the challenge of state capitalism to the neoliberal (free market) system and what they might do about it. (200 words)
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