SWFs should be welcomed for the benefits they bring rather than ostracized for doing what others do.  Developed countries are guilty of a great deal of hypocrisy in their attitude to the sovereign wealth funds of emerging economies. In the past their own companies were used as instruments of state power, for example BP’s origins lie in Britain’s attempt to dominate Iran’s (at the time known as Persia) oil wealth. [1] The developed world is always willing to buy assets on the cheap, as shown by American banks buying up Asian banks during the Asian Financial crisis at the end of the 1990s. [2] Recently SWFs have proved willing to channel a great deal of investment into poorer states, particularly in Africa, their investments have already surpassed the IMF and World bank’s, [3] boosting their economies and assisting their long-term development through the provision of infrastructure such as roads and ports. This is a much more equal relationship than that promoted by the west, with its manipulation of aid and loans to maintain political influence in former colonies.  [1] BP, ‘Our history’.   [2] The Economist, ‘The rise of state capitalism’, 2008.   [3] Cilliers, Jakkie, ‘Africa and the future’.