Discussions of globalisation centre on one of the following aspects: How integrated global markets really are. Globalisation as a process eroding the sovereignty of nation-states, reducing their autonomy in making economic policy. The consequences of globalisation for the distribution of income among the world’ s population, both within and among nations. The problematic growth of a transnational “world society” and international governance. The interaction of national economic, political, military and cultural power, and the possibility and desirability of retaining distinctive national institutions, embodying distinctive national value preferences and cultures.