Eettiset sijoitusrahastot Suomessa – Nykytilan arviointi

Tutkimus eettiset sijoitusrahastot Suomessa – nykytilan arviointi, on kvalitatiivinen, teorialähtöinen kirjallisuustutkimus, jossa selvitetään eettisten sijoitusrahastojen nykytilannetta Suomessa. Päätavoitteena on selvittää, mitä ja minkälaisia eettiset sijoitusrahastot ovat Suomessa. Alatavoitteena tutkitaan myös eettisten rahastojen kehitystä niin Suomessa kuin kansainvälisestikin. Tutkimuksessa on kartoitettu Suomessa toimivat eettiset sijoitusrahastot ja vertailtu niitä keskenään sekä selvitetty niiden sijoituspolitiikkaa ja toimintaa. Aineistona on käytetty tieteellisen kirjallisuuden lisäksi pankkien ja pankkiiriliikkeiden aineistoja. Tutkimus on tehty kirjallisuuden pohjalta ja tutkimus perustuu kirjallisuuden ja tutkimusaineiston analysointiin sekä siitä tehtäviin johtopäätöksiin. Tutkimuksessa havaittiin, että suomalaiset eettisiksi luokiteltavat rahastot ovat hyvin identtisiä ja niissä näkyy vahva painotus ympäristöön ja ilmastoon. Eettisten rahastojen määrä ja koko on kasvanut nopeasti koko 2000 – luvun ja tutkimuksen tekovaiheessa Suomessa toimii 22 eri eettistä rahastoa ja näiden yhteenlaskettu rahastopääoma on noin 5,8 Mrd. euroa, joka on noin 8 % koko rahastopääomasta (66 Mrd. euroa, (2007)) Suomessa eettinen sijoittaminen on vielä suhteellisen uusi ilmiö ja kansainvälisesti vertailtuna eettinen sijoittaminen on toistaiseksi pientä.

Assessment of Coastal Bird Populations and Habitats on the Finnish Coast of the Baltic Sea: Implications for Monitoring and Management

Coastal birds are an integral part of coastal ecosystems, which nowadays are subject to severe environmental pressures. Effective measures for the management and conservation of seabirds and their habitats call for insight into their population processes and the factors affecting their distribution and abundance. Central to national and international management and conservation measures is the availability of accurate data and information on bird populations, as well as on environmental trends and on measures taken to solve environmental problems. In this thesis I address different aspects of the occurrence, abundance, population trends and breeding success of waterbirds breeding on the Finnish coast of the Baltic Sea, and discuss the implications of the results for seabird monitoring, management and conservation. In addition, I assess the position and prospects of coastal bird monitoring data, in the processing and dissemination of biodiversity data and information in accordance with the Convention on Biological Diversity (CBD) and other national and international commitments. I show that important factors for seabird habitat selection are island area and elevation, water depth, shore openness, and the composition of island cover habitats. Habitat preferences are species-specific, with certain similarities within species groups. The occurrence of the colonial Arctic Tern (Sterna paradisaea) is partly affected by different habitat characteristics than its abundance. Using long-term bird monitoring data, I show that eutrophication and winter severity have reduced the populations of several Finnish seabird species. A major demographic factor through which environmental changes influence bird populations is breeding success. Breeding success can function as a more rapid indicator of sublethal environmental impacts than population trends, particularly for long-lived and slowbreeding species, and should therefore be included in coastal bird monitoring schemes. Among my target species, local breeding success can be shown to affect the populations of the Mallard (Anas platyrhynchos), the Eider (Somateria mollissima) and the Goosander (Mergus merganser) after a time lag corresponding to their species-specific recruitment age. For some of the target species, the number of individuals in late summer can be used as an easier and more cost-effective indicator of breeding success than brood counts. My results highlight that the interpretation and application of habitat and population studies require solid background knowledge of the ecology of the target species. In addition, the special characteristics of coastal birds, their habitats, and coastal bird monitoring data have to be considered in the assessment of their distribution and population trends. According to the results, the relationships between the occurrence, abundance and population trends of coastal birds and environmental factors can be quantitatively assessed using multivariate modelling and model selection. Spatial data sets widely available in Finland can be utilised in the calculation of several variables that are relevant to the habitat selection of Finnish coastal species. Concerning some habitat characteristics field work is still required, due to a lack of remotely sensed data or the low resolution of readily available data in relation to the fine scale of the habitat patches in the archipelago. While long-term data sets exist for water quality and weather, the lack of data concerning for instance the food resources of birds hampers more detailed studies of environmental effects on bird populations. Intensive studies of coastal bird species in different archipelago areas should be encouraged. The provision and free delivery of high-quality coastal data concerning bird populations and their habitats would greatly increase the capability of ecological modelling, as well as the management and conservation of coastal environments and communities. International initiatives that promote open spatial data infrastructures and sharing are therefore highly regarded. To function effectively, international information networks, such as the biodiversity Clearing House Mechanism (CHM) under the CBD, need to be rooted at regional and local levels. Attention should also be paid to the processing of data for higher levels of the information hierarchy, so that data are synthesized and developed into high-quality knowledge applicable to management and conservation.

Asiakaslaskentatoimi pankkitoimialalla

Tutkimuksen tavoitteena on tarkastella asiakaslaskentatoimea strategisen johdon laskentatoimen osa-alueena. Tavoitteena on selvittää Suomessa toimivien pankkien julkisten strategioiden yhtäläisyyksiä ja eroavaisuuksia sekä konttoreiden johtajien näkemyksiä asiakaslaskentatoimesta. Tutkimuksen teoreettinen viitekehys rakentuu strategisen johdon laskentatoimen ja asiakaslaskentatoimen tieteellisten tutkimusten pohjalta. Tutkimuksen empiirinen osa koostuu pankkien julkisten strategioiden analysoinnista sekä konttoreiden johtajien haastatteluista. Johtopäätöksenä voidaan esittää, että asiakaslaskentatoimen teoria ja käytäntö mukailevat toisiaan hyvin pitkälti, vaikka tiettyjä ristiriitoja onkin havaittavissa. Suomen pankkiryhmät toimivat tiettyjen samankaltaisten perusperiaatteiden mukaisesti, mutta erovaisuuksia löydettiin liittyen julkiseen strategiaan, asiakastiedon tuottamiseen, asiakaslaskentatoimen menetelmiin sekä tiedon hyväksikäyttöön.

Financial integration and TARGET2-Securities – A stakeholder approach

The purpose of this study was to analyze how different stakeholders, such as the European Central Bank, the European Commission, the European Central Securities Depositories Association, the Bank of International Settlements and the International Monetary Fund, have influenced the European financial integration in the area of securities clearing and settlement since the introduction of the single currency. The results show that the contribution differs from stakeholder to another and can take the form of standards and recommendations, legislation, research and publications, risk analysis etc. The Eurosystem has been particularly active in this area by proving and planning central bank services, such as TARGET2, CCMB2 and T2S. Along the way the development has and continues to face challenges that need to be solved by European authorities. Coordination is a key factor for the future as we have seen during the recent financial turmoil.

Euroopan keskuspankin julkaisut

Euroopan keskuspankin (perustamisvuosi 1999) tehtävänä on ylläpitää hinta- ja rahoitusjärjestelmän vakautta ja toteuttaa rahapolitiikkaa euroalueella. Euroalueeseen kuuluvat kaikki euron käyttöönsä ottaneet jäsenmaat, joita on 17. Euroopan rahapoliittinen instituutti (EMI) toimi EKP:n edeltäjänä ja sen tehtävänä oli keskuspankkien välisen yhteistyön lujittaminen, rahapolitiikan yhteensovittaminen ja yhteiseen valuuttaan siirtyminen. Kokoelma sisältää Euroopan keskuspankin ja Euroopan rahapoliittisen instituutin (EMI) julkaisuja vuodesta 1994 lähtien. Tutkimusjulkaisuja on mm. EU-maiden hintavakaudesta, rahapolitiikasta, rahoitusmarkkinoista, maksujärjestelmistä, valuuttapolitiikasta, yhdentymisestä ja finanssivalvonnasta. Kokoelmassa on vuosikertomuksia, kuukausikatsauksia (Monthly Bulletin), lehtiä, tilastoja, työpapereita, raportteja ja tutkimusjulkaisuja. Kokoelmassa on n. 1655 nimekettä, ja painettu kokoelma kasvaa Euroopan keskuspankin julkaisuilla. Euroopan rahapoliittisen instituutin julkaisut loppuivat v. 1999. Kokoelman julkaisuista n. 80 % on ilmestynyt v. 2000 - 2009. Valtaosa on englanninkielisiä, mutta julkaisuja on myös suomeksi ja ruotsiksi. Painettu kokoelma on Suomen Pankin kirjaston avokokoelmassa vapaasti käytettävissä ja kopioitavissa maksutta. Suurin osa on saatavana myös verkkojulkaisuina Euroopan keskuspankin sivuilta http://www.ecb.int.

Euroalueen ja muiden ulkomaisten keskuspankkien julkaisut

Kokoelma sisältää euroalueen keskuspankkien ja muiden ulkomaisten keskuspankkien julkaisemia tilastojulkaisuja, vuosikertomuksia ja lehtiä rahapolitiikasta, rahoitusmarkkinoista, finanssivalvonnasta, rahahuollosta ja pankkitoiminnasta. Julkaisuissa on tilastotietoa kyseisistä maista ja katsauksia taloudelliseen tilanteeseen ja rahapoliittisiin toimenpiteisiin. Tilastot ovat yleensä maan omassa valuutassa. Julkaisuja on n. 3890 nimekettä 1800 -luvulta lähtien. Kokoelman julkaisut ovat enimmäkseen englanninkielisiä, mutta julkaisuja on myös kansallisilla kielillä. Keskuspankkikokoelma kasvaa painetuilla vuosikertomuksilla, tilastoilla ja raporteilla. Osa tilastojulkaisuista sekä lehdistä on verkkojulkaisuina keskuspankkien sivuilla. Kokoelman vanhin aineisto on Ruotsin ja Englannin keskuspankkien lainsäädäntöä 1800-luvun puolivälistä. Euroalueelta kokoelmassa on Alankomaiden, Belgian, Espanjan, Irlannin, Italian, Itävallan, Kreikan, Kyproksen, Luxemburgin, Maltan, Portugalin, Ranskan, Saksan, Slovakian, Slovenian, ja Viron keskuspankkien julkaisuja. Suomen Pankin julkaisut on käsitelty omana alueenaan. Kokoelmassa on myös Argentiinan, Australian, Brasilian, Bulgarian, Intian, Islannin, Ison-Britannian, Israelin, Japanin, entisen Jugoslavian, Kanadan, Kiinan, Latvian, Liettuan, Puolan, Romanian, Ruotsin, Sveitsin, Tanskan, Tsekin, entisen Tsekkoslovakian, Turkin, Ukrainan, Unkarin, Uuden Seelannin, Venäjän ja Yhdysvaltojen keskuspankkien julkaisuja. Painettua kokoelmaa säilytetään varastokokoelmassa, ja se on saatavana pyynnöstä käyttöön ja kopioitavaksi.

Osuuspankin menestyminen ja sen arviointi

Voitto ja yrityksen menestyminen ymmärretään usein symboleiksi keskenään. Tästä johtuen myös yleisesti käytössä olevat yritystoiminnan menestysmittarit pohjautuvat voittoon. Tämä tutkielma yrittää kuvata ja ymmärtää, mitä menestyminen on OP- Pohjola -ryhmän osuuspankeissa. Koska osuuspankin toiminnan tavoite on tyydyttää jäsentarpeet tarjoamalla laadukkaita ja kilpailukykyisiä palveluita, on voitto -pohjaisten menestysmittareiden käyttö niissä kyseenalaista. Tutkimusongelmaan pyritään vastaamaan tehtyjen asiantuntijahaastatteluiden pohjalta. Tutkimuksessa selvisi, että osuuskunnille sopivia menestysmittareita ei ole kehitetty juuri lainkaan. Osuuspankkien kohdalla taloudellisten, voitto- pohjaisten menestysmittareiden käyttö nähtiin jopa välttämättömyytenä johtuen pankkitoimialan luonteesta ja sääntely-ympäristöstä. Perusmittareiden rinnalle kaivattiin kuitenkin enemmän jäsenetuja mittaavia mittareita, sekä menetelmiä, joiden avulla osuuspankkien toimintaympäristössään tekemät toimet tulisivat nykyistä näkyvimmiksi.

The use of dietary supplements and medication among Finnish elite athletes

Background: Dietary supplements are widely used among elite athletes but the prevalence of dietary supplement use among Finnish elite athletes is largely not known. The use of asthma medication is common among athletes. In 2009, the World Anti-Doping Agency (WADA) and the International Olympic Committee (IOC) removed the need to document asthma by lung function tests before the use of inhaled β2-agonists. Data about medication use by Paralympic athletes (PA) is limited to a study conducted at the Athens Paralympics. Aims: To investigate the prevalence of the use of self-reported dietary supplements, the use of physician-prescribed medication and the prevalence of physician-diagnosed asthma and allergies among Finnish Olympic athletes (OA). In addition, the differences in the selfreported physician-prescribed medication use were compared between the Finnish Olympic and the Paralympic athletes. Subjects and methods: Two cross-sectional studies were conducted in Finnish Olympic athletes receiving financial support from the Finnish Olympic Committee in 2002 (n=446) and in 2009 (n=372) and in Finnish top-level Paralympic athletes (n= 92) receiving financial support from Finnish Paralympic committee in 2006. The results of the Paralympic study were compared with the results of the Olympic study conducted in 2009. Both Olympic and Paralympic athletes filled in a similar semi-structured questionnaires. Results: Dietary supplements were used by 81% of the athletes in 2002 and by 73% of the athletes in 2009. After adjusting for age-, sex- and type of sport, the odds ratio OR (95% confidence interval, CI) for use of any dietary supplement was significantly less in 2009 as compared with the 2002 situation (OR 0.62; 95% CI 0.43-0.90). Vitamin D was used by 0.7% of the athletes in year 2002 but by 2% in 2009 (ns, p = 0.07). The use of asthma medication increased from 10.4 % in 2002 to 13.7% in 2009 (adjusted OR 1.71; 95% CI 1.08-2.69). For example, fixed combinations of inhaled long-acting β2-agonists (LABA) and inhaled corticosteroids (ICS) were used three times more commonly in 2009 than in 2002 (OR 3.38; 95% CI 1.26-9.12). The use of any physician-prescribed medicines (48.9% vs. 33.3%, adjusted OR 1.99; 95% CI 1.13-3.51), painkilling medicines (adjusted OR 2.61; 95% CI 1.18-5.78), oral antibiotics (adjusted OR 4.10; 95% CI 1.30-12.87) and anti-epileptic medicines (adjusted OR 37.09; 95% CI 5.92-232.31) was more common among the PA than in the OA during the previous seven days. Conclusions: The use of dietary supplements is on the decline among Finnish Olympic athletes. The intake of some essential micronutrients, such as vitamin D, is suprisingly low and this may even cause harm in those well-trained athletes. The use of asthma medication, especially fixed combinations of LABAs and ICS, is clearly increasing among Finnish Olympic athletes. The use of any physician-prescribed medicine, especially those to treat chronic diseases, seems to be more common among the Paralympians than in the Olympic athletes.

Paikallisuus osuuspankkien kilpailuetuna - case OP-Pohjola-ryhmän jäsenosuuspankit

Tämä tutkielma osallistuu suomalaiseen osuusliiketoiminnan menestystekijöitä koskevaan akateemiseen keskusteluun. Tutkimuksen tavoitteena on tarkastella paikallisuuden merkitystä OP-Pohjola-ryhmän jäsenosuuspankkien näkökulmasta ja tutustua syvällisemmin pankkiliiketoimintaan ja sen kilpailuetuihin. Tutkimuksessa pyritään selvittämään, mitä paikallisuus on ja miten se ilmenee osuuspankkien liiketoiminnassa. Tutkimuksen tavoitteena on ymmärtää, mitä lisäarvoa paikallisuus antaa osuuspankeille sen kauempaa johdetuiden kilpailijoiden strategioihin verrattuna, ja mitä edellytyksiä osuuspankeilla on selviytyä jatkuvasti kiristyvässä kilpailussa. Tutkimuksen tavoitteisiin pyritään vastaamaan analysoimalla Mika Rantasen osuuspankeista vuonna 2009 keräämää laadullista aineistoa. Tutkimustulokset osoittavat, että osuustoiminnallinen pankkiliiketoiminta ja paikallisuus tukevat toisiaan. Paikallisuus mahdollistaa osuustoiminnan ominaispiirteiden hyödyntämisen ja aikaansaa sen, että osuuspankit koetaan usein kilpailijoitaan läheisemmiksi – osaksi paikallisyhteisöä. Tästä on merkittävä hyöty OP-Pohjola-ryhmän jäsenosuuspankkien liiketoiminnalle.

Serum neutralization with different types and subtypes of bovine herpesvirus 1 and 5

The serum neutralization (SN) test is the gold standard method to measure neutralizing antibodies to bovine herpesviruses. However, in view of the further subdivisions of bovine herpesviruses in types/subtypes, defining which virus to use at challenge in SN tests may be difficult. In view of that, this study was carried out to re-evaluate (SN) sensitivity with different types/subtypes of bovine herpesviruses types 1 (BoHV-1) and 5 (BoHV-5) as challenge viruses. Bovine sera (n=810) were collected from two distinct geographic regions and tested by SN with three type 1 viruses (BoHV-1.1 strains "Los Angeles" and "EVI123/98"; BoHV-1.2a strain "SV265/96") and three type 5 viruses (BoHV-5a strain "EVI88/95"; BoHV-5b strain "A663" and BoHV-5c "ISO97/95"). SN tests were performed with a 1 hour incubation of the serum-virus mixtures at 37ºC against 100 TCID50 of each of the viruses. SN sensitivity varied greatly depending on the challenge virus used in the test. The highest sensitivity (327 positive/810 total sera tested; 40.37%) was attained when the positive results to the six viruses were added together. No association could be found between any particular type or subtype of virus and the sensitivity of the test. When positive results to each single strain were considered, SN sensitivity varied from 41.7% to 81.7%, depending on the virus and the geographic region of origin of the sera. Variation was detected even when challenge viruses belonged to the same subtype, where disagreement between positive results reached 41%. These results indicate that one hour incubation SN tests against single viruses, as performed here, may display a significantly low sensitivity (p=0.05); performing SN tests against a number of different viruses may increase considerably SN sensitivity. Furthermore, the choice of virus used for challenge is critical in SN tests. In addition, sera from different geographic regions may give rise to disagreeing results with different strains of BoHV-1 and BoHV-5. This might be particularly relevant for control programs and in international trade, were maximum sensitivity should be targeted.

"We Are Neither Visionaries Nor Utopian Dreamers" : Willi Münzenberg, the League against Imperialism, and the Comintern, 1925-1933

On 10 February 1927, the "First International Congress against Imperialism and Colonialism" in Brussels marked the establishment of the anti-imperialist organisation, the League against Imperialism and for National Independence (LAI, 1927-37). The complex preparations for the congress were though initiated already in 1925 by Willi Münzenberg, a German communist and General Secretary of the communist mass organisation, Internationale Arbeiterhilfe (IAH, 1921-35), together with the Communist International (Comintern, 1919-43). Berlin was the centre for the LAI and its International Secretariat (1927-33), a city serving the intentions of the communists to find colonial émigré activists in the Weimar capital, acting as representatives for the anti-colonial movement in Europe after the Great War. With the ascendancy to power of the Nazi Party (NSDAP) on 30 January 1933, the LAI reached an abrupt, but nonetheless, expected end in Berlin. This doctoral thesis examines the role, pu rpose and functions of a sympathising communist organization (LAI): to act as an intermediary for the Comintern to the colonies. The analysis evaluates the structure and activities of the LAI, and by doing so, establish a complex understanding on one of the most influential communist organisations during the interwar period, which, despite its short existence, assumed a nostalgic reference and historical bond for anti-colonial movements during the transition from colonialism to post-colonialism after the Second World War, e.g. the Afro-Asian Conference in Bandung, Indonesia in 1955. Fredrik Petersson’s study, based on archives in Moscow, Berlin, Amsterdam, London, and Stockholm, uncovers why the Comintern established and supported the LAI and its anti-imperialist agenda, disclosing a complicated undertaking, characterised by conflict and the internal struggle for power, involving structural constraints and individual ambitions defined by communist ideology and strategy.

Social networks and networking facilitating internationalization: Experiences of two Finnish fashion companies

Background: Fashion is a dynamic and creative industry where larger retailers are enjoying international success. Small businesses however are struggling in the face of international expansion, as they lack the necessary resources and managerial know-how. The Finnish fashion industry has neither been able to develop the industry environment to support small and micro firms nor has Finland relevant finance or public domains, such as, seen in other Nordic countries. Networking has been recognized to facilitate organizational growth and international expansion in industries such as manufacturing and high technology. It has enabled smaller companies to gain resources, knowledge and experiences otherwise unattainable. Objective: The purpose of this study was to explore how networking has been utilized in the Finnish fashion industry. Particularly social relationships and networks are examined, as they emphasize the importance of individuals. Exploration on the past actions should also provide insight how networks and networking could be utilized and developed in the future. Main findings: It was discovered that the Finnish fashion industry (social) network is rather dense. This was mainly due to the small size of the Finnish market. In the early years of the establishment of the company, close contacts seemed to be utilized. As a company expands and extends its business, the relationships tended to move towards more utilitarian in nature. However, in some cases, the long term relationships had also affectionate features, such as trust and commitment. International networking was found to have positive impact on business opportunities. Participation to events, such as trade shows, was perceived as one of the best ways to meet new international contacts and to develop ones network. Active networking in the Finnish market, however, created both domestic and international opportunities. Furthermore, cooperation and open communication were discovered to facilitate innovation and projects. The public sector seemed to lack the interest in supporting the fashion industry according to the interviewees. The major issues for the fashion industry still concerned, among others, funding, administrative guidance and public support for developing the industry as a whole.

Prevalence of metabolic syndrome and its association with educational inequalities among Brazilian adults: a population-based study

The present study estimated the prevalence of metabolic syndrome (MS) according to the criteria established by the National Cholesterol Education Program-Adult Treatment Panel III (NCEP-ATPIII) and the International Diabetes Federation (IDF) and analyzed the contribution of social factors in an adult urban population in the Southeastern region of Brazil. The sample plan was based on multistage probability sampling according to family head income and educational level. A random sample of 1116 subjects aged 30 to 79 years was studied. Participants answered a questionnaire about socio-demographic variables and medical history. Fasting capillary glucose (FCG), total cholesterol, high-density lipoprotein cholesterol (HDL-C), and triglycerides were determined and all non-diabetic subjects were submitted to the 75-g oral glucose tolerance test. Body mass index (BMI, kg/m²), waist circumference and blood pressure (BP) were determined. Age- and gender-adjusted prevalence of MS was 35.9 and 43.2% according to NCEP-ATPIII and IDF criteria, respectively. Substantial agreement was found between NCEP-ATPIII and IDF definitions. Low HDL-C levels and high BP were the most prevalent MS components according to NCEP-ATPIII criteria (76.3 and 59.2%, respectively). Considering the diagnostic criteria adopted, 13.5% of the subjects had diabetes and 9.7% had FCG ≥100 mg/dL. MS prevalence was significantly associated with age, skin color, BMI, and educational level. This cross-sectional population-based study in the Southeastern region of Brazil indicates that MS is highly prevalent and associated with an important social indicator, i.e., educational level. This result suggests that in developing countries health policy planning to reduce the risk of MS, in particular, should consider improvement in education.

Bank Income Diversification and its Impact on Profitability and Risk: Evidence from Nordic Markets

Financial industry has recently encountered many changes in the business environment. Increased regulation together with growing competition is forcing commercial banks to rethink their business models. In order to maintain profitability in the new environment, banks are focusing more into activities that yield noninterest income. This is a shift away from the traditional intermediation function of banks. This study aims to answer the question if the shift from traditional income yielding activities to more innovative noninterest activities is logical in terms of profitability and risk in Nordics. This study also aims to answer the question if diversification within the noninterest income categories has impact on profitability and risk and if there are certain categories of noninterest income that are better than others in terms of profitability and risk in Nordics. Results show that diversification between interest and noninterest activities and increase in the share of noninterest income have a negative impact on the risk adjusted returns and risk profile. Results also show that further diversification within the noninterest income categories has negative impact on risk adjusted profitability and risk while an increase of the share of commission and fee income category of total noninterest income has a positive impact on risk adjusted profitability and risk. Results are logical and in line with previous research (De Young & Roland, 2001; Stiroh, 2004). Results provide useful information to banks and help them better evaluate outcomes of different income diversification strategies.

Narratives of emergence: rising powers and the end of the Third World?

This article examines recent arguments from development economists, from historians and from international relations specialists that do challenge the continued relevance of the idea of the Third World. It then examines five reasons why these arguments are wrong. We can indeed understand much about emerging powers in terms of how they are seeking to navigate and best position themselves within an existing state-centric, liberal and capitalist order whilst accepting many of the underlying assumptions and values of that order. But the nature of that navigation has been shaped by their historical trajectory and by the developmental, societal and geopolitical context of their emergence.