One further note on globalization as a market phenomenon. Contrary to traditional theories of economics, the market is not self-governing. Classical and neo-classical economics can assure us that markets will create efficient price levels and send appropriate signals to organize supply and demand, but markets also routinely produce externalities, sometimes of massive, negative proportions, and are inseparable from the business cycle. As global wealth increases, the business cycle produces spectacular wealth during periods of boom and spectacular poverty and despair during periods of bust: the greater the extent and interdependence of the world system, the greater the attenuation of these extremes.