ABSTRACT
The labeling of epochs is a popular exercise among historians and social scientists. Speaking of “the age of X” implies that X is considered not just a feature, but one of the central features of an epoch. The last three decades could be assigned different Xs. Plausible suggestions include “the age of globalization,” “the age of information,” or perhaps “the age of democracy” (see, for example, Fukuyama 1992). Economic indicators, such as volumes of trade and foreign direct investment (Fdi), show that the international economy has become more integrated since 1980. The international political environment has also changed, especially since 1989 with the collapse of communist regimes in Eastern Europe and elsewhere, including the Soviet Union. More countries have become democratic after these events, boosting Huntington's (1991) third wave of democratization, which started in the mid-1970s. Most of the powerful global actors, including the only remaining superpower, are now democratic.
