Conclusion

Justin Robertson

Chapter 8 in Localizing Global Finance: The Rise of Western-Style Private Equity in China, 2015, pp 78-88 from Palgrave Macmillan

Abstract: Abstract Global business models are replicated in new settings when a set of local elites brings together deep ties to the global economy and political capital in the domestic political economy. This central argument is restated in the final chapter with a discussion on the significance of Western financial models coexisting with relationship-based business. Possible future scenarios are raised that include a backlash against relationship-based business/princelings and the possible replacement of returnees by locally trained elites. These scenarios are considered to be unlikely in the short-medium term. Finally, the next step in the broader research agenda are laid out: assessing whether or not other new financial forms match replica localization in China and other national settings. Preliminary evidence on investment banking offers support for the replica localization model.

Keywords: Hedge Fund; Private Equity; Investment Bank; Private Equity Fund; Business Elite (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-51402-8_8

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DOI: 10.1057/9781137514028_8

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