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The term globalization project may be a relatively new one but the ideas and concepts behind it have been building for many years To fully understand the term and the significance behind it one must delve back in history to find out where it came from and how it came about In a sense the globalization project has evolved from the developmental project This report will briefly look at such things as Financial Globalization the New International Economic Order the Debt Regime Global Managerialism Global Governance from these major categories a clear path will be drawn to lead to what is now known as the Globalization Project A global infrastructure has been a very important evolvement in the last few decades It is an institutional complex that organizes global economic activity Laurier Course Package 74 The rise of this infrastructure has taken many different forms Financial Globalization A growing trend has been forming in the world it has been the continued movement away from nation-state organized financial organizations to global ones ie transnational banks This move is certainly a change from the development project which concentrated on a local and national governing power which included financial control This world economy depended on the circulation of US dollars and it was the Bretton Woods arrangement that served to maintain a stable currency for world exchange At the same time fixed currency exchanges stabilized countries interest rates which in turn stabilized the countries economies Laurier Course Package 75 Still it was the breakdown of the Bretton Woods system that helped to lessen national financial control and solidify a new globalized economy Unfortunately with the great loss of national control over their currency domestic dollar values fluctuated tremendously in the volatile world market With such a huge amount of money passing through the world system every day it was virtually impossible to steady the fluctuations that were taking place There was also a move by these transnational
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