Two forms of capitalism

"In the course of the competitive struggle that set the one against the other, the Venetian and Genoese regimes of accumulation developed along divergent trajectories, which in the 15th century crystallized into two opposite forms of capitalist organization. Venice came to configure the prototype of 'state (monopoly) capitalism,' whereas Genoa came to constitute the prototype of 'cosmopolitan (finance) capitalism.' The ever-changing combination and opposition of these two forms and, above all, their ever-increasing scale and complexity, constitute the central aspect of the evolution of historical capitalism as a world system." - Giovanni Arrighi

The current conflict between Western-dominated financial capitalism and its nationalist-mercantilist rivals is not really new, even if it's different. History suggests that each system provides a limit to the other, and also encounters (or gives rise to) its own unique problems. The political infantilism of today's nationalist-mercantilist states could be one. Unfortunately, the US shows signs of falling in with this new order, at least to the extent of forcing cosmopolitan capitalism to find new bases of operation. (The shortened quote is from The Long Twentieth Century, Verso, 2010, page 153.)