With the collapse of Asian economic growth in 1997 and the ensuing worldwide recession of 1998-99, the world may well be witnessing the end of globalisation. In the wake of the crisis, with the backlash in the affected economies against unrestrained portfolio capital and lending flows, and the defeat of efforts to liberalise foreign direct investment (FDI), and international trade more at the Organisation for Economic Co-operation and Development (OECD) (Rugman 1999) and at the World Trade Organisation (WTO) at its 1999 ministerial meeting in Seattle respectively, the momentum of, and enthusiasm for, globalisation has been halted or even reversed.