ABSTRACT
Many writers have argued that people have entered a new era characterized by globalization, the driving force of epoch-defining changes in the nature of societies and economies across the world, resulting in the creation of an interdependent system. This notion of globalization has become a part of the everyday discourse in academia and among policymakers. The notion of globalization contains a description and explanation of processes and trends that hitherto unfolded at the national level but that over the past few decades have spilled beyond the boundaries of the nation-state. The entire process of change, globalization theorists argue, has been underpinned by accelerated technological progress, mediated by the growing role of transnational corporations and facilitated by the deregulation and liberalization of markets all over the world. Globalization, according to its advocates, has ushered in new era of late or postcapitalist development, the economic and political dynamics of which have become focal points of broad range of studies from diverse perspectives.
