ABSTRACT

The twenty-first century global landscape is that of a multipolar, multi-currency world. The United States, Europe, and Japan rode the previous wave of globalization during 1980-2000, but their lead in manufacturing, trade, finance, and international politics has been slipping. Patterns that defined late twentieth-century globalization are now fading, with American hegemony in decline, American capitalism teetering from its excesses, and financial crisis underminingWestern financial institutions. The ‘revolving door’ between US government officials and major corporations and consultancy firms suggests a commonality of interests. The relative retreat of state regulation has been made up for by a role expansion of corporations – in the form of corporate self-regulation and in the polite form of corporate citizenship and responsibility. Dependency Reliance of a state on economic and political support of a more powerful state, without formal control over internal or foreign policy.