Abstract:
The global
diffusion of liberalizing reforms is theorized to reduce the state’s invol
vement in the economy\, yet across the world a remarkable surge of state in
tervention in the corporate sector has occurred. I propose that this discon
nect between theory and empirics can be resolved\, in part\, by considering
an overlooked political phenomenon – the rise of Dominant Party Authoritar
ian Regimes (DPARs)\, which now constitute one-third of all political regim
es in the world. Leaders of DPARs seek to grow the economy while retaining
political control. I argue that state-owned enterprises that combine public
and private ownership allow political leaders to balance these competing p
riorities. I further argue that state intervention in the corporate sector
is likely to be more aggressive in DPARs than in other regimes because DPAR
leaders permit political opponents to compete in elections\, but are unwil
ling to hand over power. As the power of political opponents increases\, DP
AR leaders will engage in more aggressive corporate intervention to protect
their rule. I support these arguments with empirical cross-national tests\
, detailed examination of corporate ownership patterns and sovereign wealth
funds across East Asia\, as well as rigorous case study analysis of indivi
dual countries in the region.
About the speaker:
Dr. Carney is a Fellow (Associate Professor) in the Crawford School of P
ublic Policy at the College of Asia and the Pacific at the Australian Natio
nal University. His recent research focuses on state-owned enterprises and
sovereign wealth funds in East Asia\, and is forthcoming in a book to be pu
blished by Cambridge University Press entitled\, The Rise of Authoritar
ian Corporate Intervention: East Asia and Beyond. His research has bro
adly focused on business-government ties in East Asia and the comparative i
nstitutional context of business. His papers have been published in journal
s such as the Journal of Financial Economics\, Business and Politics\,
the Review of International Political Economy\, and the Journal of
East Asian Studies. He is also the author of the book Contested C
apitalism: The Political Origins of Financial Institutions\, and edito
r of Lessons from the Asian Financial Crisis. Prior to his move to
Australia\, Dr. Carney was at the Nanyang Technological University in Sing
apore. He is also a Fellow of the Research Center for Emerging Market Studi
es at the China Europe International Business School\, and a former Jean Mo
nnet Fellow at the European University Institute. He obtained his PhD from
the University of California\, San Diego.