A Multidisciplinary Perspective on Globalisation
Corporations, Globalisation and the Law series
Edited by Janet Dine and Andrew Fagan
Chapter 6: Managing Globalisation: UK Initiatives and a Nigerian Perspective
† ’Gbenga Bamodu* I. INTRODUCTION ‘Globalisation’ has been one of the issues at the forefront of international economic and political debate in recent years and is, arguably, the major buzzword of the late twentieth and the early twenty-ﬁrst century. Essentially the term, particularly in its economics context, is used to refer to the notable and relatively recent evolution in the nature of the global economy reﬂected in the rapid increase in the level and speed of economic transactions, primarily, across geographical divides and national borders. This evolution has been brought about by a range of factors among which include, chieﬂy, advances in technology and trade liberalisation. Various deﬁnitions have been proffered as to the meaning of globalisation. According to one broad deﬁnition, ‘globalisation is a process of rapid economic integration driven by the liberalisation of trade, investment and capital ﬂows, as well as by rapid technological change and the “Information Revolution”’.1 In a more simplistic deﬁnition, a World Bank paper observes that ‘the most common or core sense of economic globalization … refers to the observation that in recent years a quickly rising share of economic activity in the world seems to be taking place between people who live in different countries (rather than in the same country).’2 Trading across national borders is of course not a new activity but one that is centuries old. There are, however, some factors that mark out globalisation as a distinct phase in the history of international trading...
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