ABSTRACT
The trend towards the globalisation of markets and the liberalisation of trade is not a new phenomenon. During the nineteenth century there was a strong push for free trade between nations. In the twentieth century, considerable success was had in liberalising the trade in goods and capital with more limited success in the case of trade in services. In the twenty-first century, there is every reason to expect that the pace of globalisation will accelerate down an even more challenging path than that in the past. While globalisation until now has been restricted largely to the trade in goods and capital flows, the rapid expansion of the information revolution through the growth of the Internet will give a whole new meaning to the concept of globalisation in the twenty-first century.
