What we see there is a dramatic asymmetry in the power of the state. The nation-state remains the absolutely fundamental regulator of labour. The idea that it is dwindling or disappearing as a centre of authority in the age of globalization is a silly notion. In fact, it distracts attention from the fact that the nation-state is now more dedicated than ever to creating a good business climate for investment, which means precisely controlling and repressing labour movements in all kinds of purposively new ways—cutting back the social wage, fine-tuning migrant flows, and so on. The state is tremendously active in the domain of capital–labour relations. But when we turn to relations between capitals, the picture is quite different. There the state has truly lost power to regulate the mechanisms of allocation or competition, as global financial flows have outrun the reach of any strictly national regulation. One of the main arguments in The Condition of Postmodernity is that the truly novel feature of the capitalism that emerged out of the watershed of the seventies is not so much an overall flexibility of labour markets as an unprecedented autonomy of money capital from the circuits of material production—a hypertrophy of finance, which is the other underlying basis of postmodern experience and representation. The ubiquity and volatility of money as the impalpable ground of contemporary existence is a key theme of the book.