for example, argues that ‘traditional
nation-states have become unnatural, even impossible, units in the global
economy’ (Ohmae, 1995, p. 5). In this argument, the world economy is borderless and characterized by a single global market which functions through transnational networks of production, trade and finance (Khan, 1996). Therefore, emergent forms of governance, which sit above and below the scale of the nation-state, become increasingly important. The divergence of ideologies within this group is highlighted by the fact that both neoliberals and some neo-Marxists form part of the
school. The former, epitomized by Ohmae (1995), view the erosion of state regulatory power as a positive factor which signals the victory
of capitalism over socialism. It is notable that such rhetoric was written,
and taken very seriously in business schools in particular, immediately
following the collapse of the USSR in 1989. The second group, the radicals, also argue that global capitalism has triumphed. In contrast,
they view global capitalism as both oppressive and regressive (Peet and
Watts, 1993; Petras, 1999). Both perspectives posit that economic forces
are dominant, a truly integrated global economy actually exists, and that governments are wedged uncomfortably in between local, regional and supranational bodies of governance, and are thus increasingly irrelevant.