ABSTRACT

Globalization has been identified as one of the principal formative processes in the contemporary development of the capitalist world order. According to McMichael (1994, 277), globalization ‘generally refers to the world-wide integration of economic process and of space’, including ‘a shift of power from communities and nation-states to international institutions such as transnational corporations (TNCs) and multilateral agencies’. Goodman (1994, cited in Burch et al. 1996, 28-9), however, is more specific in his definition of globalization and distinguishes between the following terms:

• Internationalization: economic development based on the logic of commodity exchange in world markets; national production systems in an expanding trading system.