Singapore

Sovereign wealth funds from less-than-democratic states have been buying into private equity groups like Blackstone and distressed financial institutions like Citigroup, UBS, and Merril Lynch -- at a steady clip. While some commentators warn of the dangers of foreign control, writing in today's Wall Street Journal Europe, Heidi Crebo-Rediker and Doug Rediker say the price of admission to the American and European markets may be a measure of democratic reform.