Regulatory Capitalism di Asia Tenggara: Transformasi dan Peran Kapital Internasional dalam Restrukturisasi Negara

Abstract

This article investigates the transformation and role of the internationalized fractions of capital towards state restructuring, leading to the formulation of regulatory capitalism in Southeast Asia—that is, the pattern of economic expansion and accumulation, regulated and conditioned through power relations engaging capitalist factions and the state. Applying the international political economy approach, this article asserts that the formation of a fraction of the bourgeoisie with a strong international orientation, manifested in part by cross-border corporate mergers, acquisitions, and joint ventures between big businesses in the region in the last two decades, plays a substantial role in the state restructuring process. Specifically, this article argues that the expansion of the international bourgeoisie and its integration into the global political economy has generated demands for regulation and pressures to transform Southeast Asian governments. It is shifting the state model from a developmental orientation towards a regulatory statehood with an internationalized aspect. Furthermore, this restructuring allows the state to actively facilitate the global expansion of capital in the regional market through various regulations and negotiations. To illustrate the argument, this article uses three case studies: Singapore, Indonesia, and Malaysia.