This study purposes to analyze the globalization of financial capital and to evaluate
changes in the role of nation states corresponding to the trend. It also proposes the
directions for social studies education whose primary goal is to bring up democratic
citizens in the globalization era. In this study, we show that although the role of nation
states is viewed to be diminishing with globalization, it is becoming even more important
in other dimensions. In Korea\'s economic restructuring, for instance, at the center of the
restructuring process, there lies the government rather than the firms or financial
institutions, both as the subject and as the object.