Few dispute the notion that the rapid development of industrialising
economies in Asia and Latin America, new information technologies,
liberalisation of trade, and global financial markets have contributed
to the emergence of a truly global economy in the past ten years. Neither
do they dispute that national economies almost everywhere in the
world have become increasingly less ‘national’. Most countries’ foreign
trade has increased, and in many, foreign investment and payment
on foreign debt have become more prevalent than in the past.
Labour movements also appear to be increasing, especially the movement
of highly skilled labour. But does this mean that nation-states
have decreased influence over the definition of economic and social
life? Does globalisation imply the demise of the nation-state?