> Sorry to chime in here but I had a weird thought: Capitalist
> institutions are beginning to supercede the nation-state under
> globalization.
Not beginning -- the process has been going on for almost 40 years now. Big biz is totally multinational, to the point where it's hard to find a Fortune 500 company which doesn't operate globally, or isn't affected by multinational competitors.
> For example, Standard and Poors and Moody's bond rating agencies
> basically supercede the authority of local accounting and securities
> regulation regimes.
Not in China or India or Japan or most of the EU, which are largely self-financing zones where local states still have the final say over credit allocation. On the other hand, the bond markets (not the rating agencies per se) do have a stranglehold on the global semiperiphery and periphery -- the EU is the biggest single investor in Argentina, e.g. The Euroleft ought to be pushing the EU to give Argentina the same debt reductions the Russians got in 1995-98.
- Dennis