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This paper explores the neglected issue in the 'globalisation' debate concerning the contraction and withdrawal of capital from the territories. The analysis is built upon consideration of the institutional architecture, state inter-relations and territoriality and nationality of capital. The paper concludes that historical evolution and contingency are critical to left analysis of the 'globalisation' of capital and may help to resist and contest regressive changes and lay the foundations of collaboration and alliance building for more progressive economic and social strategies. [ABSTRACT FROM AUTHOR]