Nice description, only two small point I would disagree with:
1) What you describe as "political sovereignty to determine trade policies" could IMHO simply be a result of the accepted parctice of allowing traders/trading organisations to aquire or defend market shares with force, the result may only look like "political sovereignty to determine trade policies".
2) "Second, states are now much more complex than their counterparts from previous generations with multiple layers of identities, rights, bureaucracies, stakeholders, and powerbrokers."
Here again I would disagree, in most states we found after 1648 still features of the highly complex feudal system, the power of the church was much larger than today, and the interactions of the rulers, often from very few families, were much more complex than todays relations of career politicians.
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