Harvard Fairbank Center For Chinese Studies

Speaker: Stephen Kaplan, Associate Professor of Political Science and Economic Affairs, George Washington University Discussant: Laura Alfaro, Warren Alpert Professor of Business Administration, Harvard Business School This book explores how China’s state-led capitalism affects national level governance. China, as the world’s largest saver, has more than doubled its overseas banking presence since the 2008 global financial crisis. Compared to the West’s private-sector capital, China’s overseas financing is a distinct form of patient capital that marshals the country’s vast domestic financial resources to create commercial opportunities internationally. Its long-term horizon, high risk tolerance, and lack of policy conditionality have allowed developing economies to sidestep the fiscal austerity tendencies of Western markets and multilaterals. Employing a multi-method research strategy that includes statistical tests and extensive field research from across China and Latin America, this book finds that China’