ABSTRACT
In securing the conditions of accumulation, the nation state will implement policies which advance the interests of some parts of capital at the expense of other parts of capital, and not out of some 'higher' aggregate good, but simply because competition makes capitals' requirements of state policy incompatible. The state's tariff and exchange rate policy is therefore of central concern to many capitals in the market-constrained circuit. These policies form a critical divide between different sorts of transnational corporations in their expectations of nation state policies. National governments advance policy packages which contain elements of both: free international capital mobility, but central bank intervention; or free trade combined with domestic assistance packages. Globally-integrated capital markets have brought the whole spectrum of monetary policy into the division between capitals. There are conflicts over the exchange rate and the interest rate.
