The OECD's attempt to create a Multilateral Agreement on Investment provides a useful case study with which to examine the process of the internationalization of the state. Transnational historical materialism sees the development of supranational institutions such as the failed MAI as part of the neoliberal strategy of an emerging transnational capitalist class. However, in defining internationalization in terms of the national state becoming a transmission belt for global capital, transnational historical materialism adopts a deterministic reading of Gramsci's theory of hegemony. A more dialectical reading of hegemony suggests that internationalization will be uneven and contradictory. The suspension of negotiations for the MAI reveals how hegemonic conflicts, both within and directed against the transnational capitalist class, impose important limits on internationalization.
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