ABSTRACT
Every few decades a noticeable transformation occurs in history that affects political and economic structures and alters peoples attitudes and values. Today, we are living through such a period of transformation where a new world order is being formed characterized by liberalization, globalization and integration of markets for goods, services and capital. The three giant industries, namely information technology, computers and communications are converging to create in the process a technological revolution that is turning the world into what has come to be known as 'a global village'. The greater mobility of international capital, the much reduced cost of international communications and transport, and the expansion of world trade are having a profound effect on the world economy. The global market is unifying the world and cultural boundaries are gradually disappearing with the internet, satellite television and other international media channels helping to shape similar aspirations and preferences for the youth worldwide.
