Against the background of the globalization of private finance, the predominance of states in global affairs cannot be taken for granted. New actors, such as commercial banks or securities houses, have entered the global arena and, therefore, need to be included in any informed analysis of social reality. The actions of these institutions have to be regarded as influential forces impacting world politics. The theory of transnational regimes is advocated as a new way of structuring the global system.
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ADRIANO LUCATELLI is Senior Economist at Credit Suisse in Zurich. Dr. Lucatelli was formerly a foreign-exchange dealer in Zurich and Berne, and is a graduate of the London School of Economics and the University of Zurich.
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