This paper is concerned with the extent and significance of the ‘globalization’ of capitalism, and in particular its implications for some commonly-identified national variations in capitalist institutions. The hypotheses are that there has been a real change in the structure and functioning of world capitalism, and that this has begun to erode national differences. The first point is explored through an examination of the historical foundations and limits of the modern nation-state as an economic entity within capitalism. The erosion of national differences is then studied through a review of debates on capital markets, technology and corporate governance. The paper finds considerable support for both hypotheses.
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