Review Essay: Taking a Step Toward a Law for Sovereign Wealth Funds

Consortium for Peace Ethics Working Paper No. 2012-9/1

Penn State Law Research Paper No. 17-2012

17 Pages Posted: 9 Sep 2012 Last revised: 3 Oct 2012

See all articles by Larry Catá Backer

Larry Catá Backer

Pennsylvania State University, Penn State Law

Date Written: September 7, 2012

Abstract

In The Law of Sovereign Wealth Funds. Fabio Bassan has taken on a very great challenge. He would provide a legal structure for sovereign wealth fund regulation, and simultaneously, he would interrogate the consequences of the sovereign character of projections of private power between states. But the world he describes is both unified by the logic of globalization. On the one side is the state system, grounded in principles of sovereignty and of the fundamental distinction between the state and everything else, On the other is the emerging system of societally constituted functionally distinct governance organs, grounded in principles of free movement of capital and investment. When they collide only fracture is possible. The more these forces work toward harmonization, the more relentlessly they illuminate the resulting fracture of governance. That is perhaps the greatest insight of Bassan’s masterful effort to organize the law of SWFs. This essay considers that effort.

Keywords: sovereign wealth fund, Santiago Principles, Golden Shares

JEL Classification: G18, K29, P45, E44, G15

Suggested Citation

Backer, Larry Catá, Review Essay: Taking a Step Toward a Law for Sovereign Wealth Funds (September 7, 2012). Consortium for Peace Ethics Working Paper No. 2012-9/1; Penn State Law Research Paper No. 17-2012. Available at SSRN: https://ssrn.com/abstract=2143452 or http://dx.doi.org/10.2139/ssrn.2143452

Larry Catá Backer (Contact Author)

Pennsylvania State University, Penn State Law ( email )

Lewis Katz Building
University Park, PA 16802
United States

Register to save articles to
your library

Register

Paper statistics

Downloads
128
rank
217,989
Abstract Views
1,024
PlumX Metrics