Fueling State Capitalism
How Domestic Politics Shapes Foreign Investments of National Oil Companies
Andrew Cheon
Reviews and Awards
"In Fueling State Capitalism, Andrew Cheon rightly focuses our attention on a crucial part of the global economy: national oil companies. Over the past two decades, these state-owned enterprises strode forth from China, Russia, and elsewhere, with political and economic effects all over the world. Cheon gives us a guide for understanding these developments." -- Jeff Colgan, Richard Holbrooke Associate Professor of Political Science, Brown University
"In a world in which fossil fuels continue to be understood as the economic commanding heights, Fueling State Capitalism shows how political institutions shape the investment choices made by national oil companies. Cheon also provides us with a lens for understanding how these crucial economic actors are grappling with climate change. Highly recommended." -- Llewelyn Hughes, Professor of Public Policy, Australian National University
"Fueling State Capitalism is a brilliant and meticulously researched work, offering insights from the foreign activities of national oil companies (NOCs) in contexts as diverse as Brazil, China, India, Norway, and Russia. It is sure to change the way we think about the international behavior of state-owned enterprises and, more generally, how we think about bureaucratic competition and authority in state capitalist societies." -- Paasha Mahdavi, Associate Professor of Political Science, University of California, Santa Barbara
"What role do state-owned enterprises (SOEs) play in a global capitalist economy? Can SOEs aid governments in securing their energy needs in a world undergoing a major energy transition? With a novel argument and data, Cheon casts doubt on whether such national oil companies (NOCs) can help governments pursue 'resource diplomacy' because of the domestic political constraints they face. Achieving energy security may require rethinking how NOCs operate." -- Helen V. Milner, B.C. Forbes Professor of Politics and International Affairs, Princeton University
"National oil companies have long been significant players in domestic fossil fuel production. Developing a tightly woven argument about bureaucratic structures, Cheon explains the conditions under which national oil companies choose to invest abroad, with particular attention to China, India, Brazil, Norway, and Russia. Fueling State Capitalism is set to be a valuable contribution to the field of international energy politics, especially as countries begin to ponder decarbonization strategies." -- Erika Weinthal, Professor of Environmental Policy and Public Policy, Duke University