The transnational company after globalisation

International capital market integration has facilitated the rise of a new kind of ‘financially enhanced’ transnational. The mode of operation of the financially enhanced transnational corporation is compared with that of the more traditional production-orientated multinational company. The paper discusses the breakdown of globalisation into a new regionalisation in the international financial system, and the spreading macroeconomic crisis in the major industrialised economies. It argues that new financing constraints will freeze the current structure of international business. The crisis reveals finance as the key enabler and feature of international business.