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State Capture, Political Risks and International Business: Cases from Black Sea Region Countries
In the OECD-area states provide security business to be conducted through a legal-institutional framework where state institutions, working in a legal-rational, predictable and effective manner, are often taken for granted. Worldwide, however the situation is very different. Private actors seize public institutions and processes accumulating ever more power and private wealth by systematically abusing, side-stepping, ignoring and tailoring formal institutions to fit their interests. Such forms of state capture are associated with specific political risks international businesses are confronted with when operating in these countries, such as institutional ambiguity, systematic favouritism and systemic corruption. Read more