ABSTRACT
This chapter provides a synthesized but compact version of the story of globalization, the forces and agents driving it, implications for governance, and the sovereignty of the nation state in the poor areas of the world. It briefly discusses the sources of contemporary globalization. The chapter briefly outlines and discusses views of the various schools of thought on globalization. The development and functioning of global financial systems and markets were made possible through the evolution of new financial instruments, the deregulation of national financial markets, growth of international banking, and many other financial institutions. The basic vehicle for the globalization of culture is the design and use of corporate infrastructure and business activities. Existing national income statistics and financial records of corporations show clearly how the forces and agents of globalization tip the rules and scales of gain sharing in favor of the people in the developed countries.
