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Sovereign Wealth FundsLegitimacy, Governance, and Global Power$
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Gordon L. Clark, Adam D. Dixon, and Ashby H.B. Monk

Print publication date: 2013

Print ISBN-13: 9780691142296

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691142296.001.0001

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Rethinking the “Sovereign” in Sovereign Wealth Funds

Rethinking the “Sovereign” in Sovereign Wealth Funds

(p.30) 3 Rethinking the “Sovereign” in Sovereign Wealth Funds
Sovereign Wealth Funds

Gordon L. Clark

Adam D. Dixon

Ashby H. B. Monk

Princeton University Press

This chapter asks what is the “sovereign” in sovereign wealth funds (SWFs)? More specifically, how can we interpret the SWF phenomenon without succumbing to classical notions surrounding the territorial status of sovereignty and of political economy? The first section discusses sovereignty in theory and in practice, and in relation to SWFs; it also includes a theoretical grounding for the primary contribution of the chapter in the second section. This is a stylized typology of SWFs in relation to the state and its sovereignty. It comprises five ideal-types: postcolonialist, rentier, productivist, territorialist, and moralist. This typology does not seek to replace the more conventional classifications or typologies of SWFs based on their source funding or the explicit a priori objectives of the sponsor. Rather, it is historical shorthand designed to provide an understanding of the long-term significance of SWFs and the factors that might underpin further development of new SWFs in different countries. The different typologies are illustrated with reference to different SWF cases in the following chapters of the book.

Keywords:   sovereign wealth funds, state, sovereignty, typology, political economy

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