This article is part of ourEconomy's 'Decolonising the economy' series.
In a 2001 essay, Naomi Klein passionately called for “reclaiming the commons” in a world increasingly dominated by corporate power and shaped by a neoliberal political logic. Almost two decades later, this very corporate power is at least up for debate; and neoliberalism is slowly being superseded by a new logic of weaponizing the existing ties of globalization instead of deepening them. At the same time, the call to reclaim the commons found an unexpected answer in the rise of transnational state ownership. Today, some of the largest FDI-transactions ever are being conducted by state-owned enterprises and sovereign wealth funds (SWFs), which are rising as the new large-scale owners of assets and equities around the world.
Some observers interpret this unprecedented rise as a direct reaction to the excesses of a globalized financial system on steroids pre-2008: state capital is often portrayed as “patient” capital, representing a welcome alternative to the volatile nature of short-term oriented equity and debt investment. Some sovereign investment vehicles like the Norwegian SWF achieved a reputation of being a role model for sustainable and alternative ways of investing in global markets. Others are being praised for their role in directing catch-up economic development in emerging economies.
