Globalization and the state: The political economy of global accumulation and its emerging mode of regulation

The international economy is undergoing a process of restructuring; fundamental transformations are taking shape in both the structure of the capitalist system and its institutional/regulatory counterparts. Underlying causes of some of the institutional changes, and their interrelations with the structural transformations in the world economy, can be revealed by synthesizing the theory of the internationalization of capital and the basic framework of regulation theory. The continuing internationalization of accumulation has led to the gradual ascendance of neoliberalism - the regulatory mechanism for global accumulation. Institutional arrangements and apparatus conducive to the needs of the emerging hegemonic regime of accumulation and its regulation are being developed, leading to the formation of a nascent supranational state.