One of the most helpful descriptions of globalization is found in the Report of the Copenhagen Seminar for Social Progress in 1997. According to the report, globalization is a ‘trend’ and a ‘project’. The trend is the narrowing of physical distances between peoples and growing interdependence of countries resulting from astonishing advances in science and technology. The ‘project’ is global capitalism, or the application of the ideas and institutions of the market economy to the world as a whole. It is actively pursued by the United States and a number of other governments and implemented through such institutions as WTO, World Bank and other multilateral trade agreements. What is under our consideration is this ‘project’. This can also be termed as corporate globalization as this ‘project’ is essentially led and directed by multinational corporations to maximize their profit. They come to have unregulated political power, exercised through multilateral trade agreements and unregulated financial markets.
