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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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Modernity, Imitation, and Performance: The Gulf States’ Funds

Modernity, Imitation, and Performance: The Gulf States’ Funds

(p.121) 8 Modernity, Imitation, and Performance: The Gulf States’ Funds
Sovereign Wealth Funds

Gordon L. Clark

Adam D. Dixon

Ashby H. B. Monk

Princeton University Press

This chapter first looks at the problems associated with managing resource riches, referencing academic literature that coined the phrase “Dutch disease” (resource wealth may be lost by virtue of institutional incapacity and the adverse effects of unmanaged income flows through the domestic economy). It then turns to the issue of institutional innovation, noting that while a couple of Middle Eastern countries were early adopters of the sovereign wealth fund (SWF) institution, the establishment of such funds was driven in large part by Western interests in the region. Only later, when the flow of funds came to dominate Gulf States' macroeconomic planning and development, did the sudden increase of SWF adoption take place. Hence, the SWF is inherently Western. Nonetheless, the Gulf States appear committed to Western economic norms and institutions, if not Western conceptions of liberal democracy.

Keywords:   sovereign wealth funds, Middle East, Dutch disease, Western interests, Gulf states, resource revenue management

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