ABSTRACT
The existence of money as a form of capital, commensurable with capital in the commodity and productive forms, ensures that the internationalisation of capital has a distinctly Marxist interpretation. The theory of monetary policy formulated on the basis of the Mundell-Fleming model 'plays out' the contradiction between the nationality of the state and the internationality of capital. The underlying momentum and the limitations of national monetary policy can be posed in terms of a nonnational conception of accumulation and a conception of the state as expressing and mediating opposed interests of capital. In reconstituting the theory of national monetary policy in the context of floating exchange rates, the economic orthodoxy had a ready-made alternative. With the global integration of accumulation, national monetary policy is required to meet international agendas, and at the same time secure domestic accumulation. The management of the money system, in theory and policy, has been profoundly affected by the global integration of capital markets.
