The Global Economy: its necessary instruments and cultures.

The state remains as the ultimate guarantor of the "rights" of global capital, i.e. the protection of contracts and property rights. Thus the state has incorporated the global project of its own shrinking role in regulating economic transactions. Firms operating transnationally want to ensure the functions traditionally exercised by the state in the national realm of the economy, notably guaranteeing property rights and contracts. The state here can be conceived of as representing a technical administrative capacity which cannot be replicated at this time by any other institutional arrangement; furthermore, this is a capacity backed by military power, with global power in the case of some states.

Vorspann
The Global Economy: its necessary instruments and cultures.