I don't think that Cole wishes to imply that the other stages of capitalism were beneficial to working people. Because capitalist laws made everything created on the owners' property as belonging to the owner, and by reducing everything to a commodity that could be purchased, soon capitalist "owned" everything of productive value and workers were reduced to wage-slaves to be hired or fired at the discretion of the "owners".
I think she is arguing that each stage of capitalism tightened the hold that capitalists had over their nation-states and workers residing in these states, and now with the advent of trans-national capitalism things are even worse.
The five key elements that make capitalism “global” are summarized below. A more detailed analysis can be found here.
- the fully globalized nature of the production and distribution of goods;
- the flexible nature of a global pool of labor that corporations can choose from;
- globalized circuits of accumulation and investment among wealthy corporations and individuals;
- the existence of a global class of elite who set the agenda for production, trade, finance, and development; and,
- a globalized form of governance, known as the transnational state, run by these elite via institutions like the WTO, World Bank, and IMF, among others.
Now, let’s take a critical look at the implications of these particular arrangements of capitalist relations of production.