Globalisation polarised between those who argue that contemporary world economic integration represents merely the extension of patterns of production and exchange which began as early as the sixteenth century, in whichthe nation-state retains fundamental power (Weiss 1998), and those who assert that globalisation constitutes an entirely novel set of arrangements in economic, political and cultural fields, wherein national governments are losing the power to influence the fortunes of nation-states (Ohmae 1995). The position assumed in this essay begins from the observation that, even if contemporary economic developments might sometimes usefully be described as the continuation of old habits of capital, the real globalisation of finance capital, together with the development of information technology, creates many new cultural and political effectswhose very novelty demands our attention. Please explain what does it mean.

Globalisation polarised between those who argue that contemporary world economic integration represents merely the extension of patterns of production and exchange which began as early as the sixteenth century, in whichthe nation-state retains fundamental power (Weiss 1998), and those who assert that globalisation constitutes an entirely novel set of arrangements in economic, political and cultural fields, wherein national governments are losing the power to influence the fortunes of nation-states (Ohmae 1995). The position assumed in this essay begins from the observation that, even if contemporary economic developments might sometimes usefully be described as the continuation of old habits of capital, the real globalisation of finance capital, together with the development of information technology, creates many new cultural and political effectswhose very novelty demands our attention. Please explain what does it mean.