Thirdly, it is intimately related to the rapid increase in the speed of global interactions, processes, communications and transportation. Globalization brings about greater dissemination of ideas. It is also instrumental in the speedy distribution of goods, information, capital and people. Finally, globalization brings about greater interaction and dependence of domestic matters on global affairs. Global finance and corporate capital control organizations and the distribution of economic power and wealth. The authority of the states is limited to their own territory. This renders global markets immune to political regulations. (Held , McGrew, n.d.). One of the main functions of the G7, IMF, World Bank and WTO is to sustain and develop the global markets. The global market forces are so powerful that it would be futile for any state to endeavour to control them.
The ushering in of economic globalization will culminate in the disappearance of the welfare state and the institution of social democracy. The plight of many national states is pathetic in as much as that they are unable to control their own economies, which are manipulated by the institutions of globalization, which have brought about a situation wherein, developments in one part of the world affect the prospects of people in other parts.
The inter relation and connectedness between Production, Communications and Technologies across the world is generally termed as Globalization. This has brought about a mlange of economic and cultural activities. With the advent of Globalization, the poorer and peripheral countries, which had hitherto been dependent marginally on the highly developed countries, have become, to a major extent, subservient economically and politically on these highly developed countries. The cause for this is that economic wealth and technological resources are located in the highly developed countries. With this Globalization has ushered in an era where the economic and political power has gone beyond the purview of the poor nations and has become the exclusive prerogative of the highly developed countries. Some of the major concepts of Globalization are discussed in the sequel.
A frequent opinion expressed about the Globalization debates is that the Globalization process is irreversible and inexorable. Globalization indicates influential factors of an integrated world economy, which help in the forecasting of a world system envisaging various aspects from world labour to knowledge distribution. The contention is that Globalization is the outcome of the process of technological advances that have fostered cross-border integration. Improved methods and the use of innovative technology in transportation and communication have enabled Multinational Companies to manage widely separated sites at low operational costs. The increasing R&D costs, however are forcing them to enter multiple markets. It is concomitant to assert that the reversibility or otherwise of Globalization entails such high costs that policymakers have to perforce abandon any such policies and accept Globalization as a necessary evil.
It is the considered opinion of Sklair, Bretherton and Ponton that Globalization is a discourse. Further, Sklair has identified the following as resource clusters:
a. The world systems approach.
b. The global culture approach.
c. The global society approach.
d. The global capitalism approach. (Sklair,1998).
On the other hand, Bretherton and P