These terms, however, are not at all synonymous. A world economy with high levels of international trade and investment, would not necessarily make a globalized economy. It may remain a highly internationalized economy in which most companies trade from their countries in distinct national economies (Weiss, 1997 , see Hirst and Thompson, 1996: 185).
The term 'global' could be meant to represent a new or different level of interaction. For example , Michael Mann's (1997) fruitful distinction of five different socio-spatial networks of social interaction in the contemporary world order: local, national, international, transnational, and global. Local and national networks refer to relationships formed within the nation-state , for example, regional support groups. Inter-national networks involve relations between nations and state networks. A multinational corportion would be a good example including more formal institutions for regulating economic and military affairs, such as the EU, the WTO, NATO, and the UN. (Weiss, 1997)
Transnational networks carry within them the ability to operate without regard to national boundaries ...Show more