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China Economy Lecture featuring Stephen Kaplan – Globalizing Patient Capital: The Political Economy of Chinese Finance in the Americas

December 1, 2021 @ 4:00 pm 5:30 pm

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’s patient capital endows national governments more room to maneuver in formulating their domestic economic policies. This book also evaluates the potential costs of Chinese financing, raising the question of how Chinese lenders will deal with developing nations’ ongoing struggles with debt and dependency.

Globalizing Patient Capital is targeted toward a broad audience within political science, economics, Latin American politics, and Asian studies but is especially relevant for scholars of the political economy of finance, globalization and development, the politics of economic policymaking, and US-China relations. By disaggregating the structure of international finance, this book also offers new insights about globalization and development, demonstrating that the type of international capital (state vs. market) can influence the extent of national-level policy discretion.

Presented via Zoom Webinar
Registration Required

Also streaming on YouTube

Co-sponsored by the David Rockefeller Center for Latin American Studies, Harvard University


December 1, 2021
4:00 pm – 5:30 pm


Fairbank Center for Chinese Studies

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