Conclusion

Abstract

Global business models are replicated in new settings when a set of local elites brings together deep ties to the global economy and political capital in the domestic political economy. This central argument is restated in the final chapter with a discussion on the significance of Western financial models coexisting with relationship-based business. Possible future scenarios are raised that include a backlash against relationship-based business/princelings and the possible replacement of returnees by locally trained elites. These scenarios are considered to be unlikely in the short-medium term. Finally, the next step in the broader research agenda are laid out: assessing whether or not other new financial forms match replica localization in China and other national settings. Preliminary evidence on investment banking offers support for the replica localization model.