This essay examines the controversy over the attempt to establish rules governing global capital flows in the Multilateral Agreement on Investment (MAI), which became a target of “antiglobalization” activism. Making sense of the activists' concerns about the MAI requires understanding how the emergence of transnational standards in contemporary globalization constitutes an exercise in power. I develop the concept of “network power” to explain the way in which the rise of a single coordinating standard for global activity can be experienced as (...) coercive, as it eclipses alternative standards and abrogates the genuinely free choice among different conventions. Using a network‐power analysis, I reinterpret the controversy over the MAI as a concern about the processes by which neoliberal globalization is being brought about. (shrink)