State of Change: Global Turmoil and Government Reinvention (journal article)
By Giselle Datz
from Public Administration Review Vol 69 Issue 4, pp. 660 - 667.
"The current global credit crisis is unfolding in a context in which new dynamics in the engagement of the public sector and the market are taking shape. This article explores some of these dynamics, especially the reemergence of (re)nationalization initiatives, as well as the growing use of private methodologies for asset management on the part of some governments, which behave as both financial market players and domestic economic stabilizers. Hence, the article discusses the return of the state as a traditional "public leviathan" involved in financial regulation, as well as the work of sovereign wealth funds. The author concludes that at the heart of capitalism's endurance lies this diversity of public responses, which ultimately reveal governments' adaptable agendas and heterogeneous tasks."