Globalization is one of the most important phenomena in the current international arena. It can be defined as the processes and activities that promote interdependence and interconnectedness between peoples and societies throughout the world, together with their acceleration and intensification. Globalization is variously seen as a challenge (Sassen, 1998; Bhagwati, 2004), a result of technological change (Castells, 1996, 1997, 1998), or a largely inevitable process that we have to live with and make work (Stiglitz, 2006). For as Friedman has pointed out (2005), thanks to the newtechnology and patterns of innovation, the world is now becoming increasingly flat. Even though waves of globalization took place long before the 20th century as Alfonso Yuchengco reminds us in Chapter 2 of this book, the current phase of globalization is different from those that preceded it in terms of its extent and pervasiveness: it is unique in its scope. [download]
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