Sovereign risk
Gulf sovereign wealth funds as engines of growth and political resource
Bibliographic Data
| ID | 12533452 |
|---|---|
| Authors | Karen E Young (0000-0002-6480-4708, Resident scholar, American Enterprise Institute; professorial lecturer, George Washington University, Washington, DC, USA, corresponding author) |
| Year | 2020 |
| Volume | 47 |
| Issue | 1 |
| Pages | 96-116 |
| Publication date | 2020-01-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | British Journal of Middle Eastern Studies (JOURNAL) |
| Journal identifiers | ISSN: 1353-0194 • E-ISSN: 1469-3542 |
| Publisher | Routledge (PUBLISHER • GB) |
| DOI | 10.1080/13530194.2020.1714866 |
| OpenAlex | W3000665164 |
| Language | EN |
| Citations received | 13 |
The economic reform agenda moving across the Gulf Cooperation Council states precipitated by the end of a decade-long run of high oil prices, high population growth rates, and costly demands on the provision of generous state services and subsidies has had some unexpected consequences. The reformulation of state-society relations, especially with regard to ideas of how to create economic growth and how to model a future social contract, challenges the accepted literature and construct of rentierism. This essay focuses on one distinctive site of these shifting relations between rentier states and their citizens: the sovereign wealth fund (SWF). SWFs are based upon the shared rents from oil production, but as they have evolved they are also becoming transformative in new national development strategies. Some SWFs now veer from traditional practices of safeguarding wealth to more experimental and high-risk strategies that claim to be able to diversify national economies from oil dependency, while also promising high returns. The current moment of late rentierism heightens questions of ownership and of the state’s role as guardian or steward of society’s wealth. Using SWFs to examine state-society relations and rentierism across the Gulf, this article focuses on the Saudi case
Development economics · Economic rent · Economics · Incentive · Market economy · National wealth · Political economy · Political science · Politics · Population · Resource curse · Sociology · Sovereign wealth fund · Sovereignty · State (computer science · Law · Natural Resources and Economic Development · Socioeconomic Development in MENA · State Capitalism and Financial Governance · Finance
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Gulf Donors in the Mena Region
Creating Sports Humanitarianism
The Public Investment Fund and Salman’s state
Financialisation in the Gulf States
The Methods and Means of Greenfield Direct Investment Between China and the GCC States
Whither rentierism following the 2014 oil price decline
A double paradox of plenty
Decarbonising states as owners
Policy Innovations and Rationale for Sustainable Energy Transition in the UAE
The international political economy of Saudi Arabia
| Citations per year | 2.17 |
|---|---|
| Citation span | 2020 - 2025 (6) |
| Highly cited | No |