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 increasingly financialised state-capitalist economies, including Brazil, China, India, Russia, South Africa and South Korea (BRICSS).

You can find more information on the project here.


9 October 2022. Out now in the European Journal of International Relations: ‘Beyond ports, roads and railways: Chinese economic statecraft, the Belt and Road Initiative and the politics of financial infrastructures‘ – in which Johannes Petry explores China’s construction of financial infrastructures along the Belt and Road.

12-14 July 2022. Andreas Nölke and Johannes Petry organised a workshop on the relationship between state and finance in emerging markets as part of the StateCapFinance project at Goethe University Frankfurt.

9-11 July 2022. SASE Marathon in Amsterdam! Organised three StateCapFinance-panels on finance in China, East Asia and the BRICS and presenting four papers on Asia’s rise on global finance (Fabian Pape & Johannes Petry), BRICS and global financial order (Andreas Nölke & Johannes Petry), Wall Street in China (Johannes Petry) and Index Capitalism (Jan Fichtner, Jan de Konings, Eelke Heemskerk & Johannes Petry).

21 June 2022. Johannes Petry presented a paper titled ‘Norms, power or profit?’ on the relationship between China, Wall Street and liberal order at the DVPW-ÖGPW-SVPW IPE Conference.

2 April 2022. First in-person conference since the pandemic! Johannes Petry presented three StateCapFinance papers on ‘Challenging the liberal financial order? State capitalism & capital markets in the BRICSS’, ‘Global financial reallocation towards China: Implications for the liberal financial script’ and ‘Incorporating China into International Political Economy Teaching’ at the ISA Annual Convention in Nashville.

2-11 March 2022. Johannes Petry gave lectures on ‘China’s rise and the global financial order’ at the University of St. Gallen and ‘Capital markets with Chinese characteristics’ at the Economics Seminar Series of NYU Shanghai.

18 February 2022. Based on our recently published artice in Environment and Planning A, Andreas Nölke, Kai Koddenbrock and Johannes Petry published a short blog on state-capitalist stock exchanges in emerging markets for the SAFE Leibniz Institute for Financial Research.

3 November 2011. Based on recent research from the StateCapFinance project, Johannes Petry published a short article in The Conversation which analyses China’s tech and finance crackdown as a challenge to western conceptions of state-market interactions that cuts across developing world.

4 October 2021. We are happy to share the first publication of the #StateCapFinance project. The paper by Johannes Petry, Kai Koddenbrock and Andreas Nölke titled ‘State capitalism & capital markets: Comparing securities exchanges in emerging markets‘ was published as part of a theme issue on state capitalism in Environment and Planning A: Economy & Space. The paper conducts a comparative institutional analysis of securities exchanges in six increasingly financialised emerging markets, exploring the relationship between neoliberalism, state capitalism and capital markets.

3 July 2021. In a new paper presented at SASE, Fabian Pape and Johannes Petry argue that IPE needs to take Asian Capitalisms more seriously to better understand changing global financial dynamics as we analyse shifting financial flows, institutions & markets that make Asia more central for the global financial system.

2 July 2021. Kai Koddenbrock, Andreas Nölke and Johannes Petry explore whether a neoliberal or state-capitalist logic dominates finance in Brazil, Russia, India, China, South Africa an South Korea in a new paper presented at SASE. This paper is the first output of the StateCapFinance research project.

8 June 2021. Johannes Petry presented a book chapter on ‘China’s financial opening and the liberal global financial order’ at the SCRIPTS jour fixe.

28 April 2021. Johannes Petry gave a lecture at the COST-Action China Europe Research Network (CHERN) on ‘China’s construction of financial infrastructures along the Belt & Road Initiative’. You can access a recording here.

19 March 2021. Johannes Petry was invited to provide an expert testimony for the US-China Economic & Security Review Commission (USCC) at a hearing on ‘U.S. Investment in China’s Capital Markets and Military-Industrial Complex‘ (his oral testimony starts at 2:45:00 of the recording, the written testimony can be found 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.