The rise of sovereign wealth funds signals a shift in the balance of economic and financial power in the world, with fast-rising powers creating sovereign wealth funds to invest vast sums of relatively new-found wealth.
Discussions and analyses of sovereign wealth thus tend to focus on international relations and politics.
But many SWFs have existed for decades, and some of these older SWFs are owned by US states.
This article by Paul Rose, of Ohio State University’s Moritz College of Law, examines older (but much less studied) domestic sovereign wealth funds, with a focus on their origins, purpose, and governance, as well as the role they play within a federalist system of government.
The read the paper American Sovereign Wealth click here