Post-1970 international capital mobility has not contributed to the retrenchment of developed welfare states.

1. Introduction; 2. Globalization, democracy, and the welfare state; 3. Global capital, political institutions, and contemporary welfare state development: quantitative analysis; 4. Big welfare states in global markets: internationalization and welfare state reform in the Nordic social democracies; 5. Globalization and policy change in corporatist conservative welfare states; 6. Internationalization and liberal welfare states: a synopsis; 7. Assessing long-term impacts: the impact of globalization on taxation, institutions, and control of the macroeonomy; 8. Conclusions: national welfare states in a global economy.