Corporations and New Statism: Trends and Research Priorities

Conventional wisdom holds that there is a global trend toward liberalization of markets, yet the role of the state has expanded or shifted in certain areas rather than being generally pushed back. We explore common forms in which this "new statism" has manifested itself, specifically focusing on sovereign wealth funds, the military-industrial and penal complexes, public-private partnerships, and private finance initiatives. In each case, we systematically review key strands of the existing literature, highlighting defining features and challenges associated with each phenomenon. We outline the nature of markets in which such organizations occur, the relationship between new statist players and the polity, and the ethical and corporate social responsibility implications. We conclude with implications for theory, management, and public policy and propose an agenda for further research.