State capitalism and resource nationalism are set to become two of the main economic issues of our time. Across Asia, Russia and the Middle East, governments look set to use their countries' currency reserves and savings to acquire overseas assets.

The concept of using official savings is not new. The Kuwaiti Investment Office was created after the first oil boom, while in the early 1980s Singapore established its government Investment Corporation, which has presided over a successful investment strategy.

The difference now is that the number of countries pursuing such a strategy has soared, the funds at their disposal are huge and targets are more controversial. China's $200bn to $300bn strategic investment fund is just the latest example; the potential tensions from this fund were underscored by its $3bn investment in Blackstone Group, the US private equity group.