ABSTRACT
The expansion of international trade, investment and finance has been a continuing feature of world history. Internationalisation of capital and the nation state therefore are inseparable as aspects of accumulation. While this relationship is always played out historically in particular circumstances, the general tendency towards the international mobility of capital suggests that the relationship between the state and accumulation is changing. This chapter explores the changing character of accumulation on an international scale. The case of the internationalisation of money is slightly different from trade. There was the same historical momentum to internationalisation of money as there was for trade, expressed particularly as long-term growing levels of international equity investment and the emergence of large international markets for credit. The general development which advanced the internationalisation of money was associated with the end of the Bretton Woods Agreement on international currencies.
