This paper questions the commonplace assumption that the accumulation of capital has become a global phenomenon. Evidence suggests that, far from transcending the boundaries of the nation state, productive investment remains an essentially national phenomenon. The great bulk of investment is domestic investment undertaken by domestic firms. Little evidence exists to support the claim that investment decisions are sensitive to international profit rate differentials. Furthermore, strong evidence suggests that the nationality of a multinational corporation significantly influences its likely pattern of foreign investment. Data indicate that sweeping assertions about the globalization of capital provide a poor basis for understanding both the process of capital accumulation and its implications for workers, communities, and policymakers. Copyright 1995 Western Economic Association International.
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