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The state and the market – "a theoretical perspective"

State and market – a theoretical point of view

A. Introduction

The 1960 has marked a change in the evolution of world politics where the concept of world diplomacy has become increasingly important. It seems that the euro-dollar system was the answer to many problems. The system is a great improvement in the international monetary arrangements and for this reason, it was "in accordance with the basic trend." Represented an important step in the progression towards eliminating national barriers that divide the international financial system into separate compartments. Thanks to this new device, these compartments are much less isolated than it had been finished early. The strange thing is that he was born and developed, but there have been many years before. The euro-dollar familiar and popular among central banks and treasury officials, the bankers, traders and investors around the world and most of them were eager to maintain. This led to an "International Monetary Market, a structure of international interest rates. The challenge was to implement the system. Once entered into existence, and has become a concern will, no extraordinary influences were necessary for its continued existence.

It noted that international financial markets has borne witness to the largest concentration of economic resources in the world. The euro-dollar market represents a modern world where candidates of choice (operators) are independent forces that transcend nation-state actors. The euro-dollar market being independent specific national markets, is managed by a network of supra-national institutions and conventions (like the IMF, the BIS, the interbank market discipline). Like, because the market is not a national basis, without the national regulators were able to impose the same restrictions on operations at sea, making operations on the original soil. In due in part to the fact that such a measure would only reduce the market and therefore trade seriously damaged and international payments. However, instead of disappearing, had been forced to move from strength throughout the 1960s. In fact, there was a lot more than previously thought, especially by those who considered a result temporary purely fortuitous circumstances. I do not understand is that qualifying very important, and that its development is in line with the trends of the market system. The international integration of money markets, elimination or reduction of the rigidity of deposit rates and lending rates, avoidance of obstacles artificial release of competition between lenders and improve the functioning of automatic market mechanism, long overdue.

The relationship between "State" and "market" is critical to an understanding of the problems in changing economic and political order of human relations. Changes of State in Globalization has brought a mixture of values (wealth, freedom and justice) in a position of authority in the market that has affected the power structures in the global economy. The aim of this paper is to explore the same central concerns highlight the impact of the global economy on the relations of States and how states have sought to influence market forces for their own benefit. The theme of this theoretical argument is that traditional approaches of political science in politics economic of the "nation state" are not sufficient to explain the development of contemporary capitalism, and that each state exists only as a political actor in global capital flows. In this sense, the global market is the existence of capital reproduction.

In this paper we assess the state and nation concept of economic policy in a global economy, using three theories, liberalism, Marxism and the theory of hegemonic stability, examining the nature of the state and the market. The framework of Marxism is the theoretical framework chosen and will be returned, the entire thesis. However, the three theories to investigate on the one hand, the operators and interest groups and ideas that advocate and secondly, the relationship between political and economic developments in contemporary international society. With this framework, this study explored whether the government has been "captured" by special interests, to examine the role of government, with the following argument:

The concept of state and market – which defines the rules for market? Is it that he himself is the industry that makes the rules and state rules legitimate?

B. International Economic System

realist theories of international relations assume that states are the fundamental units of the international political system, in which states have a "national interest" to be able to maximize the wealth or both. Given this analysis, are capable of realistic theoretical develop severe systemic explanation of how the international political system application. Kenneth Waltz has used the tools of microeconomics analysis based on neoclassical to explore the fundamental characteristics of the state system. Bearing in states such as the functional equivalent of companies, Walt developed a variety of points view on how the number of states in the system affects the pattern of their interaction – both as an oligopolistic market behaves differently perfect competition.

One outgrowths of the most provocative realist theory is called the "theory of hegemonic stability." Specifically review the academic system international economic, such as Stephen Krasner and Robert Keohane, analyze the formation of stable economic relations among states as a classic action collective problem. They conclude that international economic stability is better ensured in a system dominated by a player capable of managing the system more or less unilaterally. These generalizations are solidified through the analysis of pre-First World War "Pax Britannica" and after the Second War Pax Americana-World, as exercises to stabilize the hegemonic nature of leadership. It is often argued that such systems tend towards liberalization hegemonic trade and capital flows. But even if realists have clarified and illustrated with many problems in international relations, a very serious problem arises when trying to apply their knowledge to real-world analysis. If States are key actors in the system, is of fundamental importance for understanding their objectives – and the analysis micro-economic objectives should include all players in the market. Some simply take the real interests of the state, usually in some form of survival or maximizing power. Others believe that the interests of the state of the state's relative position in the international system: the hegemonic states have a set of interests, other weak states.

For realists, then, the state's interests are essentially static and exogenous, given the nature of the international system. However, even more rigorous realists realize that this is only part of the story. Kenneth Waltz argues that "each state tries to decide on policies and actions according to their own internal procedures, but their decisions are shaped by the very presence of other States as well as interactions with them. Robert Gilpin, is even more explicit about the internal pressures on foreign policy. "… The State can be conceived as a coalition of coalitions whose goals and interest resulting from negotiations between governments and coalitions various components of society as a whole and a political elite … The objectives and foreign policies states are mainly determined by the dominant interests of its members or of governing coalitions.

Another piece of work was the study of Cox critical analysis, developing an understanding of the rational choice of the state, and the decision making process in international markets and domestic affairs. The state appears as the political center to the process of adjustment and change. That, on the understanding of the state, so it is, what it does and where it fits in the state of complex Robert Cox of society, the question is moot. The concept of state and the market is an important step in understanding the broader context of thinking about the order, deal the basic underlying concern ways in which the "governance without government" can do to avoid adverse effects on international and transnational relations.

One conclusion is that deregulation of financial markets and the new regulation, in its various guises, have become an important trend of development, not only in the global economy, but also in world politics. Process of regulatory arbitrage market expansion and development of competition in the state a more open world have led to a series of structural changes that appear to be identifiable as an integrated whole, performed 24-hour global financial markets. A series changes not only had a disparate impact on different Member States (and the different types of state and market structures), but has also hindered the work of those responsible politicians everywhere. In the context of political economy, international literature on macro issues has been much more about the "theory hegemonic stability. "In the broadest sense, the hegemonic stability theory suggests that a necessary condition for economic stability and international success of the international economic cooperation, including monetary and financial, is the existence of a hegemonic state. Hegemony is capable and is willing to lead others in the system and act for example as an international lender of last resort, and a lender of cooperation in the event of a crisis or financial panic.

The direction of hegemony is based on a general belief in its legitimacy, just as is limited by the need to maintain it, other states to accept the dominance of the hegemonic power, prestige and status because the international political system. A considerable degree of ideological consensus, or what Marxists The following Antonio Gramsci called "ideological hegemony" is necessary for hegemony is to have the necessary support from other states. If other states are beginning to consider the actions of the hegemonic self-service and against their own political and economic hegemonic system weakened considerably. Deteriorate if the citizens of the hegemonic power is of the opinion that other states are cheating, or if the costs of leadership begins to exceed the perceived benefits. In such situations, the power groups are becoming less and less likely to subordinate their interests to the achievement of these systems.

A series of realistic ideas about power and liberal ideas of the benefits of co-exist in the market, on the theory of hegemony. As a theory of international politics, based on a number key realistic assumptions regarding the emergence of a liberal economy, the configuration of power in international politics. The idea of hegemony that could provide some of the new political conditions for a liberal economic order, first proposed by Charles Kindleberger. Much of the literature on hegemonic stability was inspired by the writings of Charles Kindleberger including arguments that the Great Depression of the 1930s was largely due to the absence of hegemonic leadership United States. In the absence of leadership or hegemony, the liberal international economic order and its associated monetary agreements can fall apart unless other capitalist nations are willing to share the burden of its management and leadership.

So, after hegemony Americans may be more conflict and confusion in the international political economy. Robert Keohane, states that if a solution to the problem, which lies in the strengthening and expansion of assets international civil flexible, systems and institutions. Plans may provide a more favorable cooperation to encourage communication and change structures of remuneration received by the different actors, and to consider the longer-term implications of their actions by the extent of the shadow "of future. In this context, there has been an increasing use of game theory as a way to understand the conditions that promote cooperation and sound interested in time horizons longest policy.

Current work by a group of researchers from different perspectives, said that hegemony is defined in realistic terms, as "Generalized interrupts one state over others in the system" is a variable in the complex historical situations. A number of socio-historical forces must be taken into account in any explanation.

However, to understand how states handle the constraints of national and international domains, is important to understand the policy of the State, as it is situated between the national and international society. If the state is first a decision-making, this requires some notion of how economic interests at stake in the global market economy has become established in state policy. However, the theory hegemonic stability, can not understand the theoretical relationship between politics and economics. Since it is important to understand the relationship of people with major resources in the economy (national and international) market to political power. Points of hegemonic stability approach to a political framework for the market provided by hegemonic power. As in If liberal, the market is "natural" fundamental institution of human interaction.

The market is an institution, representing political and economic advantages for certain groups of social and economic actors, and the relative costs of others. This is not always evident in the For contracts, the apparent self hides the role of politics in its appearance and development. The important thing is the interaction national accounts and coverage the international media by the State policy in an international system characterized by anarchy and the two global market economy. To understand international politics, it is important to theorize about the connections between politics and markets, nationally and internationally through our understanding of the situation. Interdependence is seen as a central element of international politics.

C. Political liberalism

The basic assumption of political liberalism is the intrinsic value of individuals as the main actors of the liberal system. Liberalism is thus set for the strengthening of freedom and welfare of individuals. He suggested that the human species can use more reasons to develop a sense of harmony of interests between individuals and groups within the community at large, national or international. Thus, liberalism, as the goal of harmonization of concepts of interest "through political action." Progress towards this goal is "viewed in terms of possibility and not certainty."

At the international level, these objectives are achieved through the promotion of liberal democracy through international cooperation, law and institutions, and the integration of social and technological development. It is quite easy to see how economic option fits into the picture. Maximizing economic welfare of individuals is a very important aspect to improving individual liberties. States may target their policies to achieve this objective through mutually beneficial cooperation for economic gains for their people. However, the success of the liberal approach to address the central theoretical question?

First, the separation of the political market, its political and institutional context is unclear. This error in what the market really is. This is not a spontaneous phenomenon that results from the interaction between individuals, is rather a complex political institution to produce and distribute the material and political resources. As such, it is relatively advantageous for some, and rather poor news for others, depending on the historical circumstances of individuals in their socio-economic development. On the other hand, if markets are well understood as institutions policies, the assumption that they are automatic or "self-regulated" floor – it appears that markets, like other policy provisions are questionable and open to manipulation by those who have the power to do so.

Secondly, it is difficult to understand the behavior of economic agents whether individuals or companies outside its socio-political context. Operators are not only reacting to a series of market incentives: markets differ one sector to another or from one country to another. socio-cultural institutions and forms of political conflict the pattern of market institutions, and vice versa, and economic issues are closely related to other aspects of human existence. In generally, it is essentially a coin to say that economic agents interact as members of a social group that is greater than the sum of its parts.

The third point concerns the limits of the liberal view itself (the separation of markets policy leads to this subject.) Markets have always been in line with local exchanges of goods and services, but the market system or the economy is a relatively recent. Liberalism is not the report of the history of political conflict that has changed the market institutions over time. The institutions of the nineteenth century laissez-faire in stark contrast with those of the postwar mixed economy, and since the 1970 rapid changes are underway. The changing patterns of market institutions have changed the distribution gains and losses, the configuration of political resources, and policy preferences "of the players in the game."

Fourth, the liberal economy is a reductionist approach. In this regard, stresses that the Liberals will ultimately focus on one element of the economic structure, delivery model comparison operators as a source of explanation. The complexity and the political content of international economic relations are reduced to reflect the international division of labor, or a market structure, such as maximizing profits interact within their borders. Therefore, understanding the separation of the state of the economy and the individual against society, can not be the success of the theory of politics or the state.

Without But it is precisely a political theory of the market is necessary. In the absence of a theory of political conflict and the state is difficult to understand how the structure the market may change over time. basic assumptions of liberalism, on the existence of rational economic actors, or a competitive market are not realistic. The structure comparison of the benefit is undoubtedly the form and limits interaction between the actors, but the emergence and transformation of comparative advantage, the very structure requires an explanation. Change is an open political process develops in a particular structure, but with the potential to alter the structure itself.

In conclusion, the main criticism that arises means that the artificial economy that separates the economies of other aspects of society, and accept the sociopolitical context existing as "given", including: the distribution of power and property rights, resources and allocation individuals, groups and national societies and institutions social, political and cultural. The liberal world is considered one of the uniform, rational and equal individuals living in a world without political boundaries and restrictions social. His "laws" prescribing a set of rules to maximize the economic actors, wherever and thereby undertake, and yet in real life its starting point, most often determines where we end.

Liberalism is also limited by its assumption that change is always free and is produced in a competitive market is equal to the count full, and therefore allowed to earn each other if they want to change one value to another. However, the exchange is rarely free and the same. However, the terms of trade can be profoundly affected by stress, differences in bargaining power (monopoly), and other factors are essentially politicians. In fact, since it ignores the effects of noneconomic factors in the exchange and the effects of policy change, liberalism has no real "economy politics. "

So in conclusion, the liberal is committed to free markets and minimal government intervention, that relations economic and trade are a source of peaceful relations between nations, for the mutual benefits of trade and the interdependence between economic expansion nationals tend to promote cooperative relations. Whereas politics tends to divide, the economy tends to unite people. A liberal international economy will have a moderating influence in international politics, as it creates bonds of mutual interest and commitment to the status quo. " However, it is important noted that although all, or at least may be better in "absolute" under free trade, the relative 'gains will be different. Precisely this problem of relative gains and the distribution of wealth generated by the market system that has led to economic nationalism and Marxism as rival doctrines.

D. Marxism

Marx argued that "the abstraction of the state as such belongs only in modern times. The abstraction of the political state is a product modern. "The appearance of the form of state capitalism was not an automatic response to the development of the free world, not a question of transfer of power from a class to another. The historic change in the form of state occurred gradually as the political revolutions overthrew the sovereign power and rights of social struggles Both were invited and they are an expression of changing social relations of production "because they were all manifestations of separation from the community. "However," class "character of the capitalist state has not given the domination of the capitalists or the primacy of economics. Rather, the separation of state from civil society and hence political regulation of class antagonisms that the class character of the state rests.

However, from my readings introduced theories seems to be a conflict of termination, which surrounds the public use of the term "capitalism" with whom he is facing to defend capitalist institutions. When challenged, the terminology seems to follow the variations in economic performance. In times of social stability and limits possible economic growth in capitalism, they are rarely obvious or test, and few people need to use the term. This thesis will be the argument that development of this economy "capitalist" requires a look at the writings of Karl Marx. use, the British government of the euro-dollar market to achieve its policy objectives from the recognition that the world has known it was capitalist in 1960, in the sense that Marx used the term, and therefore to understand the world as it is today is essential to begin by discussing Marx's characterization of 19th century capitalism.

The modern world system theory (MWS) has been strongly influenced by Marx, where the "world market" is essentially a mechanism for economic exploitation of less developed countries by the advanced capitalist economies. The position in the modern world system is based on classical Marxist analysis, both nationalist and liberal nation-state are derived from market forces underlying social and economic rights. Rather than being actors or independent variables are the result of a situation specific ideas, institutions and material capabilities. The state and the market are products of an era "historic" and are firmly anchored in a wider social matrix. The central argument that the global market "" contains a database of key benefit and a dependent periphery, which interact and operate as an integrated whole. It is clear that the historical content of the position of MWS is essential to understand state and market. As mentioned above, the market system and the nation-state are both products of modern society and profound changes in consciousness human productivity and social forces. Using the analysis of the MWS theory, nation-states and the conflict they are essentially derived from human nature as a "political animal." Taking the idea that, far from being mere creatures of the state economic and historical forces are independent actors in the affairs economic and political. It is also noted that the market and "economic man" have come to an independent reality. Once they came into existence, the modern market can not be reduced to sociological forces. The market, as the modern state came to exercise a strong influence on historical development.

Another interesting factor to note that since Marxists hold that state action can be understood in terms of historical trends, the analysis should focus the origins and the basic motivations of policy over time. Another common element in all Marxist theories, which distinguishes them from all other theories, is the slavery of the interests of the state's capital. For Marx, capital means a social process, which may include the hiring of labor, engineering, the exchange of goods for money, and reinvest that money in a new round of profit-generating process. Capitalism is the umbrella concept that includes each of these mechanisms. The British state as a whole can be better understood by Marxists, as a defender of the capitalist system. He argues that British live in a society where differences class base are set according ownership and control of the means of production. A minority capitalist class owns the means of production and operates a class of employees. Action State in the maintenance of capitalism is an expression of the power of the ruling class. However, this does not mean that a small elite manipulates the capitalist state "behind the scenes ".

The main strength of Marxist analysis and radical approaches to most other international policy is that they focus specifically in the relationship between social and economic structures of capitalist economic system, and the exercise of political power in the international system, on the other. In the system national policy, the capitalist system of production establishes the domination of one class over another: the state is the capitalist state. As the economy goes global, what Class projects own domination of international politics. The political organization of the international system reflects the relative strength of the global market economy. This is manifested not only competition between the states in the international system, and in the process of international cooperation represented by economic systems. In view some traditional Marxists, the expansion of capitalism touch in motion a process of economic and political development in the less developed regions of the world as companies capitalists, often with the support of their country of origin, seeking profitable opportunities for investment abroad.

dependency theorists saw the flaw in this approach and instead emphasized the likelihood of core and peripheral areas of the world economy remains distinct despite the incorporation into the economy capitalist world. Johann Galtung has developed a structural theory of imperialism, which suggests that relations of mutual benefit between the political and economic elites in the core and peripheral countries of the world will keep the structural scheme of the dependence of the global economy.

It is difficult to generalize about these various theories, but most share certain essential characteristics. The approaches tend to rely on the analysis of socio-political economic structure. In this sense, are like most liberal reductionist approach. This is not surprising, Marx considered his work as a critique of classical liberal political economy, and therefore focused on a similar set of intellectual problems. The policy at national and international tends to be reduced to a function of the structure of capitalist production and the division of society into classes, which in turn a consequence of the individual's relation to the means of production.

However, weak theories to explain how this relationship between political power and economic structure is expressed. It is essential missing ingredient – a theory of how structures change originated, work, and reproduce. Antonio Gramsci (and other theorists who have used the method in international relations Gramscian Robert Cox and Stephen Gill) has attempted to develop a political explanation of the relationship between economic structure and policy through national processes and international scrutiny. They tried to avoid the problem of economic reductionism mentioned above, based on self Gramsci and Karl Polanyi, Fernand Braudel, and other theorists social, and in the process of overcoming many of the limits of liberalism, Marxism and realism.

E. Theoretical comparisons

Using the euro-dollar market as an example, the market system has become an important factor in the definition of modern society, market competition and the ability response of economic agents in the evolution of relative prices. These questions drive the company towards greater specialization, greater efficiency, and (if liberal ultimately Marxist predictions, if true) the possible economic unification of the planet. Marx said that the market or capitalist system, was a turning point turning point in world history and also argued that the traditional culture and political boundaries in their path collapse inexorably moving towards the development and integration productive capacity of the planet.

Although the market system is geared largely for its own internal dynamics, the pace and direction of its movement toward below are deeply affected by external factors. The interaction between market and environmental conditions represent a large part of the economic and political history the modern world. Variables called exogenous factors that influence the functioning of markets is the structure of society, the international political context, and the state current scientific theory and technological development, which are also the constraints and opportunities affecting the functioning of economic actors. However, affect the market itself and transforms the external factors significantly dissolves the social, political change, and encourages both scientific and technological advance. Understanding how market forces and external factors affect others is essential to understanding the dynamics of international political economy.

At a general level, the State "includes a heterogeneous group of institutions involved in the control of an active process and direct society. It is these institutions that" state " power lies. The state also serves to give the company a certain unity, integration and coherence. However, when asked about the role of government is, or what should be, so face a number of very contrasting views or theories.

As for the market, historically, markets have always existed in one form or another relationship that trade (including trade) between individuals, companies or communities. The market system has been characterized by capitalists industrial, and Marx, where the owners capital, labor, and intermediaries are all linked in social relations through a complex set of institutions policies and markets. These facilitate the flow of money to produce and sell products, services, land and labor. In the order following the Second World War economic market has been a political tool to achieve certain results, confers certain advantages over, and the costs of others, both in political and economic. It is, in essence, a political institution that plays a key role in structuring society and international politics. The structure of evolution markets leads to new models of economic and political forces.

The euro-dollar market has evolved and taken to London by industry initiative U.S. bank. This reflects the combined effects of the former Eastern Bloc countries of Eastern Europe, moving their balances in U.S. dollars outside the United States to Europe Western (mainly in London) in the center in early 1960, and Regulation Q, which put a cap on interest rates that banks could pay U.S. on deposits. It should also be noted that although the effects of Regulation Q probably had the greatest effect, other countries in the 1960s (Canada, Netherlands and Germany are the exceptions) had the ceilings of both types of loans and deposits. These controls distorted the flow of credit and property bidding process, that was not determined by market mechanisms, but by bureaucratic hierarchies. In addition, multinational industrial activity has increased the demand for international banking. At the same time, international banking has been dominated by U.S. institutions based only further strengthen the euro-dollar market. Furthermore, the market euro-dollar has not been subjected to regulatory restrictions on interest rates. This feature has led to U.S. banks can "short circuit" Regulation Q and the institutions of other countries to carry out activities in London, which was banned in their home markets.

However, each view was found to rest on very different assumptions about the nature of human beings and their interests. In the liberal view, the interest of a person is simply what a person says it is. As a reformer, however, this is not realistic. People need help to identify and articulate their interests. On the other hand, liberalism, which emerged of the Enlightenment in the writings of Adam Smith and others, was a reaction to commercialism and became incorporated into mainstream economics. It is assumed that politics and economics, at least ideally, in different areas. He argues that markets, in the interest of efficiency, growth and consumer choice should be free from political interference.

The Marxist view is more complex, but argues that a person thinks – including how they perceive their interests, is determined by the particular society in which he lives. If the structure of society is against a real interest in person, then what he believes to be in your best interest can not be after all. In addition, Marxism believes that readers of political economy. The political conflict arises in the class struggle in the distribution of wealth. Therefore, conflicts political stop with the removal of market and class society.

The underlying assertion that no state had a plan "great" the market reform, like many of the reference period, Member States had provided the necessities "regulator" needs of the industry. That in turn time when there was sufficient autonomy between the state and industry, the state could be perceived as acting contrary to the short-term interests of industry and long-term interests. However, the needs of bureaucrats and elected officials have also been a factor in the character of policy implementation. In these cases, it is argued that the state and its officials acted in their own interest. This behaved in this manner in order to preserve the indigenous financial system and externalities economic benefits that go along with a wealth of financial infrastructure. Jump financial world events would risk the erosion of indigenous financial system and loss of economic externalities positive activity. This process led to the development of competition that deregulation has been tested in the development of euro-dollar market in London and in the industrial democracies.

This argument is important to the "core" of the thesis that while some players might have benefited the strict limitations of the United States in the 1960s (such as Regulation Q, interest equalization tax), non-state actors have tended to defend a policy of relatively unregulated conditions or profession, a clear advantage in their market power. international finance, has been a major force in the integration modern global economy, international economic power in the form of loans and portfolio investment (stocks and bonds). In the contemporary period, Direct investment abroad by multinationals has increased in the traditional means of capital flows.

Governments and non-state actors have become important sources of capital through loans and grant aid, in particular the least developed countries. Moreover, in view of the economy liberal, the primary function of international finance is to transfer the accumulated capital to where their marginal rate performance is higher, so that you can use more effectively. The flow of international capital powerful "engine" the world economy, and the transfer of capital from regions with excess capital, when the yield is relatively low, which could be the most productive regions is an important factor in the dynamics and expansion of the global system.

That international finance has important implications for political theory, as you may be the weak link in the international economy and speculative flows volatile capital can be a major source of global economic instability. In the words of Charles Kindleberger, the international financial system is inherently subject to "fads, panics and crashes." It is subject to periodic debt crises and destabilizing flows of international investment, speculation, and capital flight in search of better rates of return or safe haven.

In a world divided between the jurisdiction of States, international finance and exercise of power by the hegemonic power over the affairs and international economic policies are closely linked. Hegemony is both the director and a major beneficiaries of the financial system. It is the main source of capital for developing economies, and its currency is the basis of global financial relations. If a crisis financial hegemonic power is the only actor who can play the role of what Charles Kindleberger called the "lender of last resort" and can take steps to mitigate the threat to the system. Finally, the issues are important for studying the "theory" of political conflict, most of those who gets what, where and when. Robert Cox has been on the idea that: "The theory is always for someone, and always a goal."

F. Conclusion – "The nation states, capitalism and the World Economy"

One question that arises from the theoretical study, what is the relevance all this, the situation faced by the British government in the 1960s? As there is no way of "capital" can be considered a definitive guide and without the slightest ambiguity in details social and political life of a century after its publication. Whatever the state capital is useful to specification the relationship between theory and practice. After all, Marx's writings contain a number of serious errors, at least not in its underestimation of the degree of stability political capitalism in Western Europe and the U.S. experience with the incorporation of the working class in political power structures. That is the legacy of criticism Marxist with which they have learned to live a legacy that Marx certainly did not expect and it is preventing the work of his life was devoted. I did not expect that the revolution was made your name in the most backward capitalist nations, in 1917, and in their isolation, as the revolution degenerated into a political dictatorship that used his writings to justify strengthening the system of wage labor to the importance that he was so devoted. Today, both inside and outside the Marxist tradition, the debates continue on the situation unresolved and the relevance of the labor theory of value, the problem Translation of Marx's analysis of the formation of value under capitalism in a adequate theory of pricing on the disposition of the profit rate, and the epistemological status of Marx's categories and their susceptibility to the refutation empirical.

However, this failure "famous" Marxism is a failure of any economic theory, but social and political expectations based on it. In modern Western Europe, was one of the great classics Most economists practice (outside of the communist parties), to reject economic writings of Marx and outdated, making it unnecessary in microeconomics by increasing marginal utility, and the level of the national economy by the writings John Maynard Keynes. Moreover, these developments very much in the field of economic theory seems to be offset by the dynamism of capitalism that Marx attaches so much importance.

An argument that had been identified in this document in response to the theory of the relationship between states and the global economy is that the form of state is a product of the struggles that ultimately ensured the dominance of capitalist social relations. Throughout history, the capitalist states had developed on the basis of territoriality principle of jurisdiction. The political fragmentation of nation states, to their roots They include an international system, has developed together with the internationalization of capital. The portion of the sovereignty sovereign government personnel within a defined territory has been a key element in developing international capitalist system as they provide a multi-purpose that has enabled and facilitated the movement of global public goods and capital.

The market euro-dollar itself a new phenomenon demonstrated uncertainty for Britain's Labour government in the mid-1960s, approaching the new market through an analysis of the world in which the Labour Party has tried to govern. This analysis has raised questions about the institutions and processes posed as a special set of problems for the governments of individual work? Why Some questions come to preoccupy the political debate in a period of decline the importance of the next? Why models including social and political divisions so persistent show? With these questions, and developing new markets, British Labour government has had to respond to a set agenda of the specified control objectives, including the sequence of boom and recession, the forces in conflict of the national economy, the rise and importance of multinational enterprises, the role of international financial institutions and the changing role of governments in life economic and social development. This task seems formidable, but has not been considered impossible. What is true of the analysis and recognition the world during the 1960s was "capitalist" in the sense that Marx used the term. The law of value still operated throughout the economic process and social function. Due to this reason, the above framework analysis Marx is still relevant because it provides the means by which the true nature of British government dilemmas can be explained and understood.

FINAL NOTE

1. Einziger and Quinn, 1977

2. Kenneth Waltz, Theory of International Politics, Reading – Massachusetts: Addison-Wesley, 1979.

3. Stephen Krasner, state power and the structure of international trade, World Politics, April 28, 1976, pp 317-347. Robert Keohane, The theory of hegemonic stability and changes in international economic regimes, 1967-1977, in the international system change Ed: Ole Holsti, Randolph Siverson and Alexander George, Boulder – Westview, 1980, p. 131-162.

4. Robert Gilpin, War and Change in World Politics, Cambridge University Press, 1981, PP19.

5. J. Rosenau and E. Czempiel (eds.), Governance without Government: Order and Change in World Politics Cambridge, 1992.

6. Charles Kindleberger, The World Crisis, 1929-1939, Berkeley, University of California Press, 1973

7. Robert Keohane, After hegemony: cooperation and discord in the global political economy, Princeton: Princeton University Press, 1984

8. Van der Pijl (The configuration of a class CEO of the Atlantic, London, Verso, 1984), Cox (electricity, production and order world: social forces in the development of History, New York, Columbia University Press, 1987) Gill (U.S. hegemony and the Trilateral Commission, Cambridge University Press, 1990) and Walter (world power and money in the world, New York, St. Martin's Press, 1991).

9. Mark Zacher and Richard Matthew, International Theory liberal aspects in common, divergent currents in Charles Kegley, and controversy Realiam neo-liberal challenge in international relations theory, New York, St. Martin's Press, 1994.

10. Polanyi, Karl, The Great Transformation, Boston, Beacon Press, 1944

11. Dahrendorf, Ralf, opportunities for Life, Chicago: University of Chicago Press, 1979.

12. Karl Marx, Contribution to the Critique of Hegel's Philosophy of Right, Marx / Engels, 1975, vol: 3 p32.

13. Galtung, Johan, the construction imperialism theory, International Journal of Peace Research, Vol 8, 1971, p. 81-118.

14. Helmsman Robert, energy production and world order, New York, Columbia University Press, 1987

15. Stephen Gill, Gramsci, historical materialism, and International Relations Cambridge University Press, 1993

16. Fernand Braudel (hardware and Capitalism, London: Weidenfield and Nicolson, 1973), also (The wheels of commerce, London: Collins, 1982)

17. Marx, Karl, Karl Marx: Selected Writings, ed. David McLellan, Oxford, Oxford University Press, 1977 (1859)

18. Kindleberger, Charles, Manias, Panics and Crashes: a history of financial crises, New York, Basic Books, 1978

19. Robert Cox, the forces of social states, and world orders: Beyond international relations theory, New York: Columbia University Press, 1987, P205

20. Yaffe D, Marxist theory of the crisis, the capital and the state, economy and society, 2 (2), May 1973, pp203-213.

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