With the increasing financialization of emerging markets, the link between capital markets and the economic systems they are embedded in requires closer scrutiny. By situating capital markets within state capitalism, this research project proposes a theory-led comparative analysis of financialization processes across emerging markets that explores whether capital markets in state capitalist economies function differently, fulfil a different socio-economic role, and lead to different societal outcomes than ‘global’ capital markets. To achieve this objective, the project conducts a comparative institutional analysis of capital markets and their development in six increasingly financialised state-capitalist economies: Brazil, China, India, Russia, South Africa and South Korea (BRICSS).

You can find more information on the project here.


15 December 2020. In a short article published in the Economic Sociology & Political Economy community, Johannes Petry discusses ways to reconceptualise financialization and capital markets by looking at China’s financial transformation.

21 November 2020. The East Asia Forum published a short article that analyses how despite recent financial reforms China’s capital markets maintain their state-capitalist characteristics.

1 November 2020. The article ‘Same same, but different: Varieties of capital markets, Chinese state capitalism and the global financial order‘ was published in Competition & Change, outlining the contours of our research project – the differential organisation of capital markets in state-capitalist economic systems.