Economic and political realities reflect the march of globalization and the blurring of international borders, but the scholarship and practice of international law perpetuates the notion that only sovereign States are the subjects of international law, and international agreements its objects. State corporatism challenges this framework because state-owned entities (SOEs) and sovereign wealth funds (SWFs) can simultaneously operate as both corporate and state actors. Despite the hybrid character of SOEs and SWFs, however, States and the international organizations have taken what could be characterized as a non-interventionist approach to State corporatism. In this brief Article, I identify the danger of this approach and submit that State corporatism does not permit a sole reliance upon municipal law; rather, State corporatism must remain subject to both international and domestic law, and international law must in turn evolve to recognize this particular aspect of international relations.