A common modern definition of ‘globalization’ may be: “The gradual integration of economies and societies driven by new technologies, new economic relationships, and the national and international policies of a wide range of actors, including governments, international organizations, business, labor and civil societies (NGOs).”5 Another expansive definition has been offered by Professor John Ruggie in the following words: “Globalization does not come in tidy sectoral or geographically demarcated packages. It is all about interconnections – among people; across states; in production networks and financial markets; between greed and grievance; among failing states, terrorism, and criminal networks; between nature and society.”6
The recent movement towards globalization is the manifestation of the neo-liberalism philosophy sponsored by the so-called Washington Consensus. The neo-liberal thinking of development is the initiative of the Washington based international financial institutions such as the IMF and the World Bank backed by the US government, in particular by the U.S. Treasury, supported by networks of various opinion leaders such as think tanks, investment bankers and global finance ministers who meet each other in Washington to collectively forge an understanding amongst themselves about global development, hence the notion of ‘Washington Consensus’. The neo- liberalism sponsored by the Washington consensus is principally geared to economic growth across the globe.