This article addresses the issue of the information revolution and international affairs. It makes three arguments. First, the evolution of a global digital information network is likely to diminish state capacity and autonomy, but the specific nature of the effects of new information technologies are indeterminate because the technology and the politics are inextricably intertwined and the technology itself is not yet ‘complete’. Second, the effects of a mature digital information infrastructure are best understood as the outcome of a three-way political struggle between centralized political authorities (states), centralized economic entities (firms) and individuals as both consumers and citizens. Third, in spite of the indeterminacy of technological change, a matrix of possible outcomes can be constructed. The globalization argument is partially correct: state capacities will drop, relatively speaking, and firm capacities will increase unless states and people can reconceptualize their relationship and guide technological development to suit their interests. The article analyses three representative pieces of a mature global digital information network—the physical network media, cryptography, and digital money—to show how the new information technologies are deeply political and their effects therefore indeterminate.