ABSTRACT

Contemporary globalisation embodies elements in common with past phases, but is distinguished by some unique organisational features, creating a world in which the extensive reach of human relations and networks is matched by its relative high intensity, high velocity and high impact propensity across many facets of social life. The result is the emergence of a global economy, 24 hour trading in financial markets, multinational corporations which command economic resources in excess of those enjoyed by many countries, new forms of international regulation, the development of regional and global governance structures and the creation of global systemic problems-global warming, ozone depletion, AIDS, mass terrorism, market volatility, money laundering, the international drugs trade, among other phenomena. A number of striking challenges to the nature and form of governance are posed by these developments.