1.2.1 Globalisation of markets
Globalisation is not a new phenomenon, although there has been greater interest in more recent times as indicated by the 2822 academic papers and 589 books written on globalisation in 1998 alone (Globalisation Guide 2002). What differs most in the current wave of globalisation is the 'scope and intensity of what is happening' (Cutler 2002, p. 26), in that there is greater interdependency between nations brought about by factors such as growing international trade and electronic commerce.
Despite cultural differences, people across the world have a great deal in common with one another. Developments in communications and transportation technologies have moved the world towards becoming a 'global village' of interdependent people (Levitt 1983). Goods and services, as well as people, travel between continents and this has led to an economic system that transcends national boundaries and markets. National markets and their associated economic systems are no longer isolated from one another by distance, time or culture: they have merged into one huge global market.
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