Corrosive capital
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Corrosive capital is a label for international financing to countries, typically from authoritarian states, that exploits gaps in the recipients’ governance systems and makes them more vulnerable to economic or political manipulation. The term was introduced in 2018 and has since come into use more regularly in Western policy lexicon as a response to changing global political tensions and increasing Western criticism and policy aimed at states such as, but not limited to Russia and China.[1][2][3][4]
Origins[edit]
An early mention of the term appears in a January 18, 2018 transcript of the United States Joint House and Senate Hearing, 115th Congress, 2nd Session entitled "Commission on Security and Cooperation in Europe, Foreign Meddling in the Western Balkans: Guarding Against Economic Vulnerabilities." In that session, Andrew Wilson appeared to both use the term and provide an explanation of its intended definition:
The term has since been used by NGOs such as Transparency International,[6] The Heritage Foundation,[7] The Central European Institute of Asian Studies,[8] American Society/Council of Americas[9] and the National Endowment for Democracy.[10]
Recent usage[edit]
U.S. Secretary of State Mike Pompeo used the term in April 2019 in an official statement to describe China’s foreign investment strategy. "When China does business in places like Latin America, it often injects corrosive capital into the economic bloodstream, giving life to corruption and eroding good governance,” Pompeo said during his April 12 speech in Chile.[11]"
Corrosive capital has since appeared in various other articles and publications, including a series on “sharp power” by the National Endowment for Democracy.[12]
More recently, usage of the term in US policy making can be seen in US policy drafts such as the Madeleine K. Albright Democracy in the 21st Century Act, which has been proposed by prominent US political figures such as Chris Coons, Lindsey Graham,[13] Liz Cheney and Tom Malinowski.[14] The term is seen used three times in a press release from Malinowski regarding the draft legislation:
References[edit]
- ↑ Manhit, Victor (11 May 2021). "The imminent threat of corrosive capital from China". BusinessWorld.
- ↑ "Corrosive & Constructive Capital Initiative". Center for International Private Enterprise. Retrieved 2023-04-30.
- ↑ Hála, Martin (March 2020). "A New Invisible Hand: Authoritarian Corrosive Capital and the Repurposing of Democracy" (PDF). International Forum for Democratic Studies.
- ↑ "New CIPE Paper Spotlights Alarming Trend: Corrosive Investment Capital from Authoritarian Countries Threatens Democratic Institutions and Private Enterprise in Emerging Economies". Center for International Private Enterprise. Retrieved 2023-04-30.
- ↑ Wilson, Andrew. "- Foreign Meddling in the Western Balkans: Guarding Against Economic Vulnerabilities". www.govinfo.gov. United States Government Publishing Office (GPO). Retrieved 17 August 2022.
- ↑ Bak, Mathias. "Illicit finance and national security" (PDF). Transparency International.
- ↑ Kim, Anthony. "How Chinese "Corrosive Capital" Influences Foreign Governments". The Heritage Foundation.
- ↑ Šimalčík, Matej (9 September 2021). "Authoritarian Corrosive Capital in the CEE". CEIAS.
- ↑ "Risks to the Americas of Corrosive Capital from China". AS/COA. 25 October 2021.
- ↑ Stefanov, Ruslan; Vladimirov, Martin. "Sharp Power and Democratic Resilience Series | Deals in the Dark". NATIONAL ENDOWMENT FOR DEMOCRACY.
- ↑ Starr, Barbara; Browne, Ryan; Cohen, Zachary (15 April 2019). "Pentagon developing military options to deter Russian, Chinese influence in Venezuela | CNN Politics". CNN.
- ↑ Hala, Martin. "Sharp Power and Democratic Resilience Series | A New Invisible Hand". NATIONAL ENDOWMENT FOR DEMOCRACY. Retrieved 17 August 2022.
- ↑ "Text of S. 3317: Madeleine K. Albright Democracy in the 21st Century Act (Reported by Senate Committee version)". GovTrack.us.
- ↑ Malinowski, Tom (10 August 2022). "Representatives Malinowski, Cheney, Crow and Wilson Introduce the Bipartisan Madeleine K. Albright Democracy in the 21st Century Act". Representative Tom Malinowski. Retrieved 17 August 2022.
- ↑ Malinowski, Tom (10 August 2022). "Representatives Malinowski, Cheney, Crow and Wilson Introduce the Bipartisan Madeleine K. Albright Democracy in the 21st Century Act". Representative Tom Malinowski. Retrieved 17 August 2022.
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