This study applies the proactive/reactive state framework to the transformation of Spanish and Turkish finance capital in a comparative perspective. It concludes that the “proactive” policies pursued by the Spanish state and the strategic coalition established between political elites and the integrationist segments of finance capital resulted in the heterodox internationalization of Spanish firms, whereas the “reactive” state policies in Turkey, designed in line with orthodox neoliberal dictums, paved the way for an incomplete internationalization. The 2007/2008 crisis, however, demonstrates that the same state may be both proactive and reactive across various policy fields over time. The recent Spanish financial crisis and Turkey's regulatory success after 2001 illustrate this point.
