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Multinational corporations (MNCs) are often seen as singular organizations, with a parent company controlling branches in other countries. But this is an abridged version of decentred corporate groups structured as clusters of separate legal entities in several jurisdictions held together by equity ties. The article argues that while the abridged version of the MNC matches those aspects of those organizations that are of interest to economists, it fails to capture the principal mechanism of interaction between business and the institutional and political environment. I argue that the abridged version is a barrier preventing political scientists from asking salient questions about the power of MNCs and their shareholders. Specifically, while political scientists and international political economists discuss the way these companies use their considerable financial resources to voice their views on unwanted regulatory changes, to threaten exit or if all else fails, to carry through with the threat, they ignore a third approach favoured by corporate groups, setting up subsidiaries in third countries to arbitrage rules.

The concept of 'finance' or the 'financial system' can be confusing. The assumption is that the financial system consists of related markets trading in a variety of financial instruments that are ultimately of a similar nature. In the late-19th century, however, financial assets have bifurcated into broadly two classes of property titles: incorporeal assets and intangible assets. This article argues that interrelations between the two classes of assets have generated pro-cyclical trends that are not dealt with by current regulation. It argues that these pro-cyclical trends can be even more confusing in the age of globalisation.

ABSTRACTIn this article I argue that the very meaning of 'inter-national relations' is emerging as a focus of debate in International Relations, particularly among the critical traditions in the discipline. No longer seen as a mere study of peace and war, IR is viewed as a component of general pan-disciplinary theories or order and change. The international sphere is perceived, accordingly, no longer as a system in its own right, but rather as a gigantic transmission belt, and a huge communication device transmitting and diffusing ideas, practices, rules, norms and institutions throughout the world. The article examines the implications of such an approach on IR theory. In addition, the article revisits the works of Hegel, Marx and the French School of Regulation to demonstrate how they developed an empirical theory of international diffusion.

In this article I argue that the very meaning of 'inter-national relations' is emerging as a focus of debate in International Relations, particularly among the critical traditions in the discipline. No longer seen as a mere study of peace and war, IR is viewed as a component of general pan-disciplinary theories or order and change. The international sphere is perceived, accordingly, no longer as a system in its own right, but rather as a gigantic transmission belt, and a huge communication device transmitting and diffusing ideas, practices, rules, norms and institutions throughout the world. The article examines the implications of such an approach on IR theory. In addition, the article revisits the works of Hegel, Marx and the French School of Regulation to demonstrate how they developed an empirical theory of international diffusion. Adapted from the source document.