Prospects for sustainable development
It is difﬁcult to pin down what is meant by economic globalisation. In the broadest sense of the term, ‘globalisation reﬂects a widespread perception that the world is rapidly being moulded into a shared social space by economic and technological forces and that developments in one region of the world can have profound consequences for the life chances of individuals or communities on the other side of the globe’ (Held et al. 1999: 1). Economic globalisation, during the contemporary period, can be characterised by: near-universal participation in the international ﬁnancial and monetary order; unprecedented gross ﬂows in capital and diversity in these ﬂows; a high transaction velocity, with 24-hour trading; the potential for high, externally-driven impacts within national economies; extensive international surveillance and regulation and the development of private ﬁnancial infrastructures, all facilitated by modern technology; further growth of multinational banking and the role of the International
and competition; and a shift in the power balance between private ﬁnance and states (Held et al. 1999: Grid 4.1).