ABSTRACT
Like many concepts that have slipped into popular discussion, the term ‘globalisation’ is subject to different interpretations. In the development context it is normally taken to refer to the rapid expansion of flows of commodities, services, capital and technology between nation states in the world economy. A helpful broad definition is given by the UK government’s White Paper on Globalisation and Poverty:
In fact, globalisation means the growing interdependence and interconnectedness of the modern world. This trend has been accelerated since the end of the Cold War. The increased ease of movement of goods, services, capital, people and information across national borders is rapidly creating a single global economy. The process is driven by technological advance and reductions in the cost of international transactions, which spread technology and ideas, raise the share of trade in world production, and increase the mobility of capital. It is also reflected in the diffusion of global norms and values, the spread of democracy and the proliferation of global agreements and treaties, including international environmental and human rights agreements.1
