Sovereign Wealth Funds and Emerging Imperialism

The sovereign wealth funds (SWFs) of emerging countries take an increasing importance. They played a role in recapitalizing banks in trouble at the beginning of the financial crisis and they will be brought to intervene again at the end of this crisis. They also participate in the powerful movement of purchase of foreign lands. The acquisitions of foreign lands and capital by the sovereign capital impose to go back over the classic theories of imperialism by the exports of capital and goods. That of the old capitalist countries was not « the Highest Stage of Capitalism », but a phenomenon of emergence and today, the appropriation of the foreign capital by the SWFs could be a revival of this type of imperialism. JEL Classification : F21, G01, O16Dockès Pierre. Sovereign Wealth Funds and Emerging Imperialism . In: Revue d'économie financière (English ed.). Hors-série, 2009. Sovereign wealth funds : Special Issue 2009. pp. 25-36