Аннотация:Abstract This article broadens the empirical and conceptual perspective on sovereign wealth funds ( SWF s). This is first done through providing a definition of contemporary SWF s. Using recent literature it suggests that SWF s can be differentiated into discrete categories in terms of their funding, governance and investment structures. Using this definition, the subsequent history section identifies earlier instances of SWF s in the context of 17 th century financial mercantilism and 1930s monetary mercantilism. This leads directly to a number of investment deals in the 2000s where some countries with SWF s were subject to intense media and government scrutiny. In the aftermath, commentators warned of protectionism and a resurgence in financial and monetary mercantilism by pointing to emerging economies, most notably China. Though contemporary SWF s are not the same as earlier state‐related pools of capital, there are important similarities concerning policy‐relevant variables, highlighted by the SWF literature. A historical interpretative approach provides a bridge between historical instances and a reconceptualised notion of SWF s, linking historical evidence directly to functional claims about the purposes of contemporary SWF s.
