The increasing political importance of the BRICS – and other “state capitalists” – during the first decade of the twenty-first century provoked analyses that drew heavily on what I describe as a ...“popularized Polanyi-ism”. The economist and sociologist Karl Polanyi himself argued that nineteenth-century liberal attempts to “disembed” the economy from the rest of society led to a backlash in the form of “re-embedding” forces in the early twentieth century (Polanyi 2001). In a similar vein, political commentators understood the ascent of neoliberal globalization in the 1980s as an attempt of a global disembedding of markets, which would be met by renewed
This chapter deals with what I described in Chapter 3 as the “controlling” strategies of states as global owners. By controlling strategy I refer to the fact that the vast majority of the ...transnational ownership ties created by these states are located in majority- or full-ownership stakes. Since the amount of ownership correlates, ceteris paribus, with the corporate control a shareholder has over the invested firm,¹ such strategies are more likely to grant the owning state control over its cross-border invested firms. All the cases discussed in this chapter embrace one variety of such a controlling strategy. At the same
Conclusion Milan Babić
The Rise of State Capital,
02/2023
Book Chapter
Odprti dostop
In Chapter 1, I described this book as a challenge to the standard narrative of the rise of state capitalism in the last two decades. The key argument I developed is that it is not an abstract ...statism that rises in the global political economy, but specific forms of transnational state capital. To substantiate this argument, I drew on a set of different techniques such as a historical account of the rise and fall of state intervention (Chapter 2), large-scale, firm-level data analysis (Chapter 3), in-depth case studies (Chapters 4 and 5) and a policy-oriented embedding of these arguments in
After discussing controlling strategies in the previous chapter, this one deals with what I described in Chapter 3 as the financial strategies of states as global owners. Financial strategies can ...take different forms, but their most characteristic aspect is that a majority of a state’s cross-border investment is located in portfolio investment.¹ Such an amount of ownership held is, ceteris paribus, unlikely to end up in significant corporate control. The goal of the owning state is hence not to exert a high degree of control, or to engage in asset capture through cross-border investment. Rather, financial strategies indicate an interest
The global backlash against tax havens has pushed secrecy-seeking capital to explore alternative opportunities in non-tax-haven countries and new financial technologies (FinTech). We identify two ...major corporate practices-organizational ring-fencing and swarming-that have enabled secrecy-seeking capital to adapt to new regulatory realities and illustrate these practices empirically with the extreme case of Estonia. In the 2010s, several Nordic banks turned their Estonian offices into hotbeds of high-risk transactions, ring-fencing their Baltic affiliates from their group-level systems and generating several money laundering scandals with global repercussions. More recently, secrecy-seeking capital 'swarmed' into Estonia's large cryptocurrency sector and thereby thwarted effective supervision of the activities of the firms involved. Neither swarming nor organizational ring-fencing have been sufficiently explained by existing approaches in International Political Economy (IPE) as new core practices of secrecy-seeking capital. We study both practices in a mixed-methods research design and provide novel empirical insights to illuminate this phenomenon. In filling this gap, our study paves the way for a second generation of global tax governance scholarship amidst the cryptocurrency and FinTech boom, and calls for a research agenda that addresses these new practices that take advantage of the lack of administrative capabilities in non-tax-haven jurisdictions.
Transformabilno vozilo revitalizuje koncept "letećeg džipa". Sikorski koristi tehnologiju X2 za razvoj lakog taktičkog helikoptera. Rusija uspešno testirala raketu topuz. Indija testirala nuklearni ...projektil srednjeg dometa. Minijaturni šatl vraća se na Zemlju posle tajne misije. Indija testirala supersoničnu krstareću raketu.
Globally accelerating environmental breakdown necessitates a large-scale mobilisation not only of the natural and engineering sciences, but also of insights generated from social sciences. ...Consequently, recent interventions in International/Global Political Economy (IPE) demand a gearing of the field towards putting climate breakdown centre stage. We respond to this call by drawing attention to the role critical IPE approaches can offer to the field to engage with climate breakdown more comprehensively and consistently. We argue that critical IPE can do so by combining problem-driven and praxis-oriented emancipatory perspectives, leading to systematic and concrete research programmes that are indispensable in the age of climate breakdown. We support our argument by documenting and systematising this potential across three core IPE themes:economic growth, state theory and global finance. In order to unlock its full potential for centring climate breakdown, we argue that critical IPE should better embrace multidisciplinarity and intersectional approaches, and produce more empirical work and methodological advances in future research.
Over 25 years ago, Susan Strange urged IR scholars to include multinational corporations in their analysis. Within IR and IPE discussions, this was either mostly ignored or reflected in an ...empirically and methodologically unsatisfactory way. We reiterate Strange's call by sketching a fine-grained theoretical and empirical approach that includes both states and corporations as juxtaposed actors that interact in transnational networks inherent to the contemporary international political economy. This realistic, juxtaposed, actor- and relations-centred perspective on state and corporate power in the global system is empirically illustrated by the example of the transnationalisation of state ownership.
Spread spectrum clocking (SSC) conventionally uses frequency modulation (FM) to suppress digital switching noise in the frequency domain. While clock-FM effectively reduces spectral noise peaks, it ...maintains the synchronous operation per cycle with total noise unchanged. In this paper, we introduce plesiochronous design as a general applicable de-synchronization solution for the spectral switching noise optimization with guaranteed quality-of-service. By modeling on-chip aperiodic supply current as a poly-cyclostationary random process, we theoretically prove that digital plesiochronous design contributes to reducing both, total and peak switching noise, in a harmonic frequency band of interest logarithmically proportional to the number of adopted clock domains over the synchronous baseline. A complete framework is also developed to implement plesiochronous design with the optimal clock domain partitioning and FIFO-based synchronization that features a minimum depth of six by employing Johnson encoding fully compatible with mainstream design flow. Validated on a 130nm pipelined FFT test chip across 25 dies thus taking process variations into account, our plesiochronous SSC achieves on average 5.1dB total power reductions in addition to 12.8dB peak power reductions of substrate noise at the clock fundamental frequency, which match our predictions, with only marginal hardware overhead in terms of cell area and power consumption.
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