Sovereign wealth funds (SWFs) have traditionally been created to recycle excess reserves from natural resource or non‐commodity revenues. However, in recent years funds are being established under conditions of capital scarcity with objectives to contribute domestic economic development, often through the buildout of national infrastructure programs. Such trends in new fund creation represent a fundamental shift in the sovereign wealth fund paradigm and raise serious questions about how these entities are to be capitalized and also the implications of capitalization models on their sustainability. This study examines the recent evolution of SWF models focused on economic development. Its analytic focus is drawn, in particular, to countries that are neither endowed with oil wealth, nor otherwise enjoy export surpluses to be used to capitalize a development‐oriented SWF. While this study is relevant to and expands the scope of the broad literature on SWFs, its specific contribution is as a focused analysis of how SWF funding sources impact achieving long‐term financial and socio‐economic development objectives.
Scholars have long theorized on the limits of patronage politics and the possibility of counter-mobilization it produces against clientelist strategies. Analysing the recent win of the Aam Aadmi Party in the 2020 Assembly election in Delhi, this article shows that programmatic policies of welfare can help parties to circumvent this trap and avoid targeted patronage networks. We find that this broad-based appeal increases the social base of the party to even include those segments of voters who remain aloof to patronage-based exchanges. Additionally, we test the salience of majoritarian issues in the presence of universal welfare. We find that by locating themselves on issue positions of relative advantage, and reducing the ideological distance with their chief competitor, a policy-focussed party may capture not just ideology-agnostic, but also peripheral voters who might be opposed to the other challenger. Using a logistic regression model, we find that policy concerns catapulted AAP to victory, while its ideological distance from the BJP added to this. Our analysis has significance for understanding the underlying changes to patronage-based linkages, especially in the presence of heightened ethnic appeals that increasingly characterizes electoral contexts in the country.
Pakistan's federalism problem dates all the way back to the establishment of the republic. Pakistan was established during many problems, many of which involved the state's government and administration. After Pakistan's inception, Federalism has been recognized as a political structure. The Muslim League was Pakistan's democratic body, and it called for the provinces of United India to have complete provincial autonomy. In the other side, the Congress favored a moderate federation. Due to the Muslim League's extensive past and tradition, it has been forced to recognize Federalism as a state system. Karachi, a major commercial center in Sindh, was annexed by the federal government and incorporated into its region. As a consequence of this undemocratic act, Sindh's ministry was dissolved, and Karachi was put under federal administration. The smaller provinces were compelled to form One Unit as a result of this development. The One-unit structure scrapped Sindh's territorial position and fundamentally altered its demography. After Bengal's dismemberment, Punjab became the only ruling state, controlling the state structure. Sindh remained marginalized in this province. Sindh has always met with the same fate. Furthermore, Pakistan's constitutions made no provision for Sindh's provincial hegemony. This thesis makes an empirical attempt to examine the historical connection between the Centre and Sindh.
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