ABSTRACT
Globalisation is a term that is now commonplace in discussions on the world economy, both in academic circles and in the popular press. Attention is being drawn to the large increases in international trade and direct foreign investment (FDI), and the phenomenal increases in international financial flows of capital, as a result of lower costs of transport and communications and reduced restrictions on trade and capital flows. Not only is this globalisation evident for the rich countries of the North, within which most of the internationalisation process is occurring, but less developed countries (LDCs) – which we will collectively refer to as the South – are increasingly entering this nexus.
