There has been a qualitative increase in global economic integration in the last two decades leading to a dramatic and unprecedented pace of change in the global economy. This reshaping of the contemporary economic system is unfolding within the overarching structure of the process of economic globalization. Underpinned by a neoliberal theoretical perspective, the process of globalization has acquired added significance by unleashing forces affecting the economic, political, social and cultural aspects of everyday life. Hailed by its proponents as a forward-looking process for rapid economic growth and criticized by opponents as the source of inequality and instability, globalization has resulted in powerful shifts in both domestic and international balances of social, economic, and political forces and consequent transformations and configurations in inter-state and intrastate relations.