Internationalization of Capital
The theses presented on social capital and the state as centre of capitalist political domination are at the same time a critique of dependency theory in all its variants
. In most approaches to the subject, dependency implies that international relations, that is relations external to the (non-imperialist and thus ‘dependent’) social formation, attain priority
in the process of mediation and condensation of class struggle by the state, and so in the relations of class exploitation and domination within each separate state formation. Eric Hobsbawm (1977: 8) has provided a particularly succinct formulation of this conception:
Their first observation will be that the multiplication of independent sovereign states substantially changed the sense of the term ‘independence’ for most of them into a synonym for ‘dependence’ […] They are economically dependent in two ways: generally, on an international economy they cannot normally hope to influence as individuals; and specifically – in inverse proportion to their size – on the greater powers and transnational corporations.
KeywordsForeign Direct Investment International Trade Labour Productivity Global Market National Currency
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© John Milios and Dimitris P. Sotiropoulos 2009