4EB : Angel (3)

It has become a buzzword that some will use to describe everything that is happening in the world today.

Globalisation came to be seen as more than simply a way of doing business, or running financial markets - it became a process. From then on the word took on a life of its own

Globalisation has the potential to generate wealth and improve living standards. For those countries with the products, skills and resources to take advantage of the opportunities provided by global markets, the benefits are evident. However there are also significant drawbacks particularly for those nations that don't fall into this category.

Globalisation is generally recognised as having increased the gap between rich and poor. This is because the policies that drive the globalisation process have largely focussed on the needs of business.

A number of key players are driving globalisation. They include

 multinational enterprises that carry out business across national boundaries;
 the World Trade Organisation (WTO), through which international trade agreements are negotiated and enforced;
 the World Bank and the International Monetary Fund (IMF) which are meant to assist governments in achieving development aims through the provision of loans and technical assistance; and
 national governments, who together with these international institutions, are instrumental in determining the outcomes of globalisation.