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The Fraying of the Foreign-Domestic Distinction in Emerging Markets: "Domestic" Private Equity Funds as New Actors

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Abstract:

There remains a strong tendency to analyze developing and emerging economies on the basis of either foreign economic power or entrenched domestic structures. This is understandable in that the politics of economic nationalism are alive and well in the global economy as seen in political debates across a spectrum of countries (Endesa, Gazprom, Lone Star, World Ports) and in popular culture—for example, a Japanese television show featuring the word “vulture” in its title depicts a Gordon Gekko-like character responsible for mass firings at Japanese companies. In the case of emerging markets, resentment towards foreign actors is still surprisingly animated, rightly or wrongly, one decade after the emerging market crises of the late 1990s. However, deconstructing the discourse of predatory foreign actors and defensive local elites through a close examination of Asian political economies reveals that the perennial faultline between foreign power and domestic politics in developing countries is starting to break down.

The analysis in this paper reconsiders the meaning of “domestic” and “foreign” in contemporary emerging markets and suggests that a process of adaptation to the global economy is slowly taking root in key emerging markets, although it is being advanced by actors that identify themselves as domestic without fitting the meaning of this word as normally understood. The latest international business and financial practices are materializing in emerging markets as a result of domestic agents mirroring Anglo-American practices, yet using the cover of their preferred local status. The line between domestic and foreign, it is argued, is more complex than it is often made out to be.

Most Common Document Word Stems:

privat (173), equiti (167), fund (108), domest (91), foreign (81), market (63), economi (50), emerg (45), financi (42), global (42), invest (42), econom (39), one (38), busi (37), polit (37), us (36), capit (31), intern (30), compani (29), china (28), 2007 (28),

Author's Keywords:

IPE, Emerging Markets, Private Equity, Domestic Politics
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Association:
Name: ISA's 49th ANNUAL CONVENTION, BRIDGING MULTIPLE DIVIDES
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http://www.isanet.org


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URL: http://citation.allacademic.com/meta/p252752_index.html
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MLA Citation:

Robertson, Justin. "The Fraying of the Foreign-Domestic Distinction in Emerging Markets: "Domestic" Private Equity Funds as New Actors" Paper presented at the annual meeting of the ISA's 49th ANNUAL CONVENTION, BRIDGING MULTIPLE DIVIDES, Hilton San Francisco, SAN FRANCISCO, CA, USA, Mar 26, 2008 <Not Available>. 2016-06-07 <http://citation.allacademic.com/meta/p252752_index.html>

APA Citation:

Robertson, J. , 2008-03-26 "The Fraying of the Foreign-Domestic Distinction in Emerging Markets: "Domestic" Private Equity Funds as New Actors" Paper presented at the annual meeting of the ISA's 49th ANNUAL CONVENTION, BRIDGING MULTIPLE DIVIDES, Hilton San Francisco, SAN FRANCISCO, CA, USA Online <PDF>. 2016-06-07 from http://citation.allacademic.com/meta/p252752_index.html

Publication Type: Conference Paper/Unpublished Manuscript
Abstract: There remains a strong tendency to analyze developing and emerging economies on the basis of either foreign economic power or entrenched domestic structures. This is understandable in that the politics of economic nationalism are alive and well in the global economy as seen in political debates across a spectrum of countries (Endesa, Gazprom, Lone Star, World Ports) and in popular culture—for example, a Japanese television show featuring the word “vulture” in its title depicts a Gordon Gekko-like character responsible for mass firings at Japanese companies. In the case of emerging markets, resentment towards foreign actors is still surprisingly animated, rightly or wrongly, one decade after the emerging market crises of the late 1990s. However, deconstructing the discourse of predatory foreign actors and defensive local elites through a close examination of Asian political economies reveals that the perennial faultline between foreign power and domestic politics in developing countries is starting to break down.

The analysis in this paper reconsiders the meaning of “domestic” and “foreign” in contemporary emerging markets and suggests that a process of adaptation to the global economy is slowly taking root in key emerging markets, although it is being advanced by actors that identify themselves as domestic without fitting the meaning of this word as normally understood. The latest international business and financial practices are materializing in emerging markets as a result of domestic agents mirroring Anglo-American practices, yet using the cover of their preferred local status. The line between domestic and foreign, it is argued, is more complex than it is often made out to be.


Similar Titles:
The Political Economy of Globalized Capital: International Banks, Emerging Markets, and The IMF

The Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets: A Transnational Public-Private Partnership in the Governance of Global Finance


 
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