Among the myriad signs that many nations are developing systems \u201cin which the state functions as the leading economic actor,\u201d Bremmer notes that the 13 largest oil companies are owned and operated by governments and that governments in the developing world control three-quarters of the world\u2019s energy reserves. Privately owned multinational companies produce just 10 percent of the world\u2019s oil and own just 3 percent of its proven reserves. In many developing nations, large companies that remain in private hands are only nominally private: They are government appendages in that they depend on government patronage for credit, contracts and subsidies. \u201cSovereign wealth funds\u201d \u2014 state-owned investment portfolios \u2014 already account for one-eighth of global investment, double the figure just five years ago. The largest such funds are those of Abu Dhabi, Saudi Arabia and China, with Russia\u2019s rising. The only democracy operating one of the 10 largest funds is Norway. The combined assets of all such funds exceed the assets of all the world\u2019s hedge funds.<\/p>\n
\nBremmer says, correctly, that state capitalism \u201chas introduced massive inefficiencies into global markets and injected populist politics into economic decision-making,\u201d that \u201cdeeper state intervention in an economy means that bureaucratic waste, inefficiency and corruption are more likely to hold back growth,\u201d and that politicians tend to develop stimulus packages with their constituencies, not economic efficiencies, in mind. Therefore, he says, the state must eventually retreat. He probably is wrong because he underestimates the pleasure politicians derive from using their nation\u2019s wealth as a slush fund for purchasing political advantage.\n<\/div>\n<\/blockquote><\/body><\/html>\n","protected":false},"excerpt":{"rendered":"
George F. Will reports on what sounds like a significant article by Ian Bremmer in the journal Foreign Affairs entitled \u201cState Capitalism Comes of Age: The End of the Free Market?\u201d: Among the myriad signs that many nations are developing systems \u201cin which the state functions as the leading economic actor,\u201d Bremmer notes that the […]<\/p>\n","protected":false},"author":1281,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,19],"tags":[],"class_list":["post-2226","post","type-post","status-publish","format-standard","hentry","category-economics","category-government"],"yoast_head":"\n
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