The Reconfiguration of the Global State-Capital Nexus

Noting an apparent 'return' of the state this article analyzes the rearticulation of state-capital relations in the context of the current global crisis. Departing from the notion that capital and state are internally related, we distinguish four roles that the state can play with respect to capital accumulation and on that basis examine to what extent and how the state-capital nexus is reconfigured in both the global South and global North. We argue that in spite of a more activist role of the state in the latter and the rise of globalizing yet state-led accumulation strategies in the former, the globalizing dynamic of capital and the concomitant deepening commodification go on unabated. The 'rebound of the state' that is the focus of this special issue is thus seen as instrumental to an ongoing globalization of capital, notwithstanding significant power shifts arising out of this contradictory process.