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102 Stephen Hymer now his capital receives the special privileges of foreign capital.Al- though every state is absolutely sovereign with regard to national prop- erty within its borders,foreign capital is protected by the rule of no confiscation without reparation. These considerations apply to every capitalist in the world seeking protection and future growth.In my view they help explain why Cana- dian and European capitalists preferred the positive response to Ameri- can expansion (that is,becoming multinational themselves),rather than the negative response of blocking American penetration.I think Japa- nese capital might go the same way.Who knows-perhaps the Russian elite also see outward expansion as necessary for maintaining their internal power and,hence,are opening their arms toward multinationals in the name of science and technology. In sum,the wealthy of the world have a strong interest inin- ternationalism in order to preserve their position.Freedom to in- termingle and compete in the world capital market allows them to diversify their holdings and escape supervision of national governments, that is,control by the majority.It thus protects them from the vagaries of specific markets and specific governments and gives them diversified, general interests in the maintenance of the capitalist system as a whole. This continued flow of aggregate profit is then divided among them more or less in proportion to their wealth,as equalization of world rates of profit is brought about by competition. International Division of Labor As we have just seen,market forces lead corporations and capitalists toward internationalization and a greater recognition of their mutual harmony of interests.At the same time,they divide labor,to whom increased cooperation appears as increased competition.The expansion of the market does not,for the most part,help labor diversify and expand,as it does capital;rather,in many cases it takes away their security and stability. In order for the multinational corporate system to survive and ex- pand,it must maintain the rate of profit.At its most fundamental level this depends on the state of the labor market and the gap between the productivity of labor and the share labor is allowed to control.Capital can be threatened within the system by labor's unwillingness to work efficiently at a"reasonable wage,"and ultimately it is threatened by political revolution which would destroy private property as the basis of income and investment. To maintain the separation between work and control,capital has This content downloaded from 202.120.14.154 on Mon,04 Jan 2016 03:31:29 UTC All use subject to JSTOR Terms and Conditions102 Stephen Hymer now his capital receives the special privileges of foreign capital. Although every state is absolutely sovereign with regard to national property within its borders, foreign capital is protected by the rule of no confiscation without reparation. These considerations apply to every capitalist in the world seeking protection and future growth. In my view they help explain why Canadian and European capitalists preferred the positive response to American expansion (that is, becoming multinational themselves), rather than the negative response of blocking American penetration. I think Japanese capital might go the same way. Who knows -perhaps the Russian elite also see outward expansion as necessary for maintaining their internal power and, hence, are opening their arms toward multinationals in the name of science and technology. In sum, the wealthy of the world have a strong interest in internationalism in order to preserve their position. Freedom to intermingle and compete in the world capital market allows them to diversify their holdings and escape supervision of national governments, that is, control by the majority. It thus protects them from the vagaries of specific markets and specific governments and gives them diversified, general interests in the maintenance of the capitalist system as a whole. This continued flow of aggregate profit is then divided among them more or less in proportion to their wealth, as equalization of world rates of profit is brought about by competition. International Division of Labor As we have just seen, market forces lead corporations and capitalists toward internationalization and a greater recognition of their mutual harmony of interests. At the same time, they divide labor, to whom increased cooperation appears as increased competition. The expansion of the market does not, for the most part, help labor diversify and expand, as it does capital; rather, in many cases it takes away their security and stability. In order for the multinational corporate system to survive and expand, it must maintain the rate of profit. At its most fundamental level this depends on the state of the labor market and the gap between the productivity of labor and the share labor is allowed to control. Capital can be threatened within the system by labor's unwillingness to work efficiently at a "reasonable wage," and ultimately it is threatened by political revolution which would destroy private property as the basis of income and investment. To maintain the separation between work and control, capital has This content downloaded from 202.120.14.154 on Mon, 04 Jan 2016 03:31:29 UTC All use subject to JSTOR Terms and Conditions