Another type of approach emphasizes that, as a result of the last few decades of
politics and markets liberalization, faster movement of peoples, capital and information
from one region to the other and all around the globe, globalization has become one of
the identifying concepts of the post-industrial economy, describing the increasing
integration of national and regional economics and the domination of the world
economy by massive MNEs. The term also describes the convergence of individual
tastes at the expense of local cultures, worldwide political domination by a small
number of industrialized states and the international non-governmental organizations
(NGOs) that are seen as their tools, the integration of capital markets, the increasing
ubiquity of communication and information around the world, and the spread of
technology to the farthest reaches of the globe. (Tallman, S., Global Strategic
Management, in Hitt et al, 2006).