More generally, globalization is seen to diminish the policy-making capacity
and autonomy of the nation state, resulting in a displacement of functions
from public to quasi-public bodies (such as independent central banks)
and from national to transnational institutions (such as those associated
with the process of European integration and more obviously global institutions
such as the IMF, the WTO, and the World Bank)5. Clearly this third
sense in which globalization and public policy-making capacity at the national
level are seen to be antithetical is not unrelated to the points already
discussed—indeed the displacement of functions from public to quasi-public
bodies almost directly parallels the privatization and technicization of policy
discussed above.