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The aim of the article is to analyze the changing position of the state in the capitalist world economy form the perspective of Karl Polanyi’s political theory. The main thesis of the article is that the position of the state largely depends on the character of rules constituting global political economy. Three world regimes were singled out (gold standard, Bretton Woods system, and hyperglobalization), and the position of the state within each system was analyzed. If we agree with Robert Cox that each world order is a product of ideas, institutions and power relations, then we may expect the institutional structure of the world economy to evolve following the changes in the underlying constellation of ideas and social forces.

The position of the state in global capitalism: a Polanyian perspective