ABSTRACT. The theory of global capitalism that I have advanced over the past decade suggests that it is necessary to rethink the spatiality of capital in the new epoch, including the changing relations between transnationalizing capital, national territories, class relations and political authority. The continued existence of the nation-state and the inter-state system appear to be a central condition for the class power of transnational capital and for the reproduction of global capitalism. National state apparatuses, however, are themselves experiencing transformation and integration into emergent supranational institutional networks. The notion of a transnational state is an analytical abstraction that allows us to make sense of evident transnational social and institutional practices that are central to shaping global capitalism and to the exercise of class power by the TCC. (pp. 98–108)