Localizing Global Finance The Rise of Western-Style Private Equity in China

Localizing Global Finance presents the first in-depth analysis of the private equity industry in China as a test case of how extensively new financial processes have penetrated emerging markets. Significant elements of the Western private equity model are now practiced in China by domestic firms, which have outpaced their foreign rivals. The author's analysis employs a combination of large-scale data on private equity fundraising and investments, as well as case studies of commercial success and failure. Given that domestic structures are more open to change than is often understood, the findings set forth here raise questions about broad theoretical models of resistance to global finance and call for greater study of middle grounds in the political economy of China and other emerging markets.

Justin Robertson is Associate Professor in the Department of Asian and International Studies at the City University of Hong Kong. He is the author of US-Asia Economic Relations: A Political Economy of Crisis and the Rise of New Business Actors and has published articles in Asian Survey, International Political Sociology, New Political Economy, The Pacific Review, and Review of International Political Economy.

1.Introduction
2.A Middle Ground Between Global and Local Levels of Analysis
3.Global Finance and Localization: Four Possible Outcomes
4.Where to Study Domestic Actors and New Finance
5.Replica Localization and Private Equity in China
6.Elite Formations and Cases of Success and Failure
7.Revisiting the Literature and the Significance of the Findings
8.Conclusion