In recent years, the economies of many nations have tended to become increasingly inter-dependent. This has been reflected both in the amount of assistance given to the developing countries and in the growth of world trade. Because of the enlarged international flow of financial capital, the machinery of the capital markets has had to be refurbished and adapted to new uses. In this article, it is proposed first to outline the facts of the new trend towards the internationalization of capital markets; second, to explore the limits by which these developments are likely to be contained; and, finally, to discuss some of their possible repercussions and consequences.