Authoritarian Capitalism: Sovereign Wealth Funds and State-Owned Enterprises in East Asia and Beyond

Richard W. Carney (Participant Author)

Research output: Book/ReportMonograph


Since 1945, the liberal-democratic model of capitalism spread across the globe, ultimately prevailing over communism. Over the past two decades, a new statist-authoritarian model has begun diffusing across East Asia. Rather than rejecting capitalism, authoritarian leaders harness it to uphold their rule. Based on extensive research of East Asia's largest corporations and sovereign wealth funds, this book argues that the most aggressive version of this model does not belong to China. Rather, it can be found in Malaysia and Singapore. Although these countries are small, the implications are profound because one-third of all countries in the world possess the same type of regime. With an increasing number of these authoritarian regimes establishing sovereign wealth funds, their ability to intervene in the corporate sectors of other countries is rapidly expanding.
Original languageEnglish
PublisherCambridge University Press
ISBN (Print)9781316510117
Publication statusPublished - 1 Jan 2018

Publication series

NameBusiness and Public Policy

Author information

Richard W. Carney, China Europe International Business School

Table of contents

1. Introduction; 2. Theory; 3. Global patterns; 4. East Asia patterns; 5. NAR: Brunei; SPAR: China; From SPAR to Democracy: Taiwan; 6. DPAR with a weakly dominant ruling party: Malaysia; 7. DPAR with a strongly dominant ruling party: Singapore; 8. Conclusions.


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