Abstract
As convincingly elaborated by Gill in the previous chapter, globalization is not a new phenomenon. It is its form that has changed in an attempt to adapt to the complex international environment in which it now operates. According to the OECD, the term globalization was first used in 1985 by Theodore Levitt to characterize the vast changes to the international economy over the last two to three decades.1 Levitt had in mind the rapid and pervasive changes in the global system of production, consumption and investment resulting from economic and financial liberalization, structural adjustment programmes and the dramatically diminishing role of the nation-state as the pace-setter in economic and social policy formulation. There is, however, another important dimension to globalization, which is integral to technological change, and which Giddens has aptly characterized as ‘the intensification of world wide social relations which link distinct localities in such a way that local happenings are shaped by events occurring many miles away and vice versa’.2
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Notes
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As shown by the speculative attacks on some of the Southeast Asian currencies that triggered or worsened the crisis, and also by similar subsequent attacks on the Russian rouble and the Brazilian real
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Malhotra, K., Mezzera, M., Keklik, M. (2002). Financial Globalization: the State, Capital and Policy-making. In: Aksu, E., Camilleri, J.A. (eds) Democratizing Global Governance. Palgrave Macmillan, London. https://doi.org/10.1057/9781403907110_5
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DOI: https://doi.org/10.1057/9781403907110_5
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