ABSTRACT
Globalisation has developed a bad name, partly as a result of the Asian financial crisis and its infection of the rest of the world. The perceived failure of global market-based capitalism is leading to calls for tighter financial regulation and capital controls. With the collapse of Asian economic growth in 1997 and the ensuing worldwide recession of 1998-1999, the world may well be witnessing the end of globalisation. The standard definition of globalisation, based on economics and business strategy, is the worldwide production and marketing of goods and services by multinational enterprises. Regions have cultural attributes and political borders which are stronger than the economic forces of globalisation. The regional nature of the auto industry is replicated in chemicals, petrochemicals, steel, and other major industrial sectors. The dominant world manufacturing multinational enterprises operate in each others' triad markets, giving a "regional" set of activities which is commonly confused with globalisation.
