The Return of Cosmopolitan Capital

Book excerpt: The history of the 20th century was dominated by the state - nationalism, national economies, national wars. Professor Nigel Harris argues that such a global structure is unthinkable in the 21st century. Why? As the world opens up, and barriers between countries come crashing down, so the powers of nations, nationalisms and the state have begun to dissolve. He argues that the notion of national capital is becoming redundant as cities and their citizens, increasingly unaffected by borders and national boundaries, take centre stage in the economic world. Harris deconstructs this phenomenon and argues for the immense benefits it could and should have, not just for western wealth, but for economies worldwide, for international communication and for global democracy.