ABSTRACT
The later part of the twentieth century saw the advanced capitalist societies undergoing a fundamental transformation due to globalization, with far-reaching effects on domestic politics as well as international relations. Globalization is an economic process, which extends economic networks across the whole world and integrates them into a synchronized economic system, destroying indigenous economies, shaking up domestic political orders, and creating regional economic blocks at the same time.1 Globalization was initiated by multinational corporations in the core countries in the 1980s and 1990s. The increasing interconnectedness of the international economy has been accelerated by the development of the technology of micro-electronics, the communication industry, and the increase in trade among nations.
