The Challenges of Economic Globalisation: Business, Competition and Society

Abstract

The opening of markets, deregulation, and privatisation create a constantly expanding economic and financial environment. These developments contribute to an economy’s globalisation, leaving the field open to enterprising and innovative players: companies and financial intermediaries. What is new about the globalisation phenomenon is that it partly escapes from nation-state control and legislation. The pace of technical-economic change speeds up under the influence of global competition. The world has entered into a race where speed is imposed by business dynamism and competitive games. This rhythm is often faster than that of political, civil and institutional society.