The reason why "globalization" is associated to these cross-cutting financial investments is that it creates dependencies. A sells lots of oil to B, and in exchange it gets an account in B's financial system with lots of B-currency bonds.
In that case, A depends on B to not seize the bonds. This dependency reduces the sovereignty of each nation - power flows from the nation-state to the global consensus - to the world's largest importer, whose currency is the world's largest reserve currency. Moreover international investors -- international capital, so to speak, have enormous power over individual nation states. This is globalization - the reduction of the autonomy of the individual nation state, subordinate to the rules laid down by the world's largest importer, and it's associated international investment community.
On the other hand, if A just sells oil to B, and B builds a port for A, then B cannot seize A's port. The transaction is finished. There is no room for any international investment banker to make a lot of money on this. There is no possibility for B to threaten to seize A's holdings if they don't do what A wants. There is still some dependence just from the trade, but not nearly as much interdependence as having much of your bank reserves under the control of another nation.
In that environment, nations become stronger and the world's largest importer becomes weaker -- much weaker. It goes from being the banker to the world to being the most dependent nation, which is a huge fall in terms of power.
In that case, A depends on B to not seize the bonds. This dependency reduces the sovereignty of each nation - power flows from the nation-state to the global consensus - to the world's largest importer, whose currency is the world's largest reserve currency. Moreover international investors -- international capital, so to speak, have enormous power over individual nation states. This is globalization - the reduction of the autonomy of the individual nation state, subordinate to the rules laid down by the world's largest importer, and it's associated international investment community.
On the other hand, if A just sells oil to B, and B builds a port for A, then B cannot seize A's port. The transaction is finished. There is no room for any international investment banker to make a lot of money on this. There is no possibility for B to threaten to seize A's holdings if they don't do what A wants. There is still some dependence just from the trade, but not nearly as much interdependence as having much of your bank reserves under the control of another nation.
In that environment, nations become stronger and the world's largest importer becomes weaker -- much weaker. It goes from being the banker to the world to being the most dependent nation, which is a huge fall in terms of power.