The contemporary era of globalization dates from the mid-1960's. A set of similar global transformations took place during the period 1870-1914. In both cases heightened economic integration resulted from increases in international trade, finance, and investment. While this earlier globalization took place within the framework of the national state, contemporary globalization has expanded beyond the nation state through transnational economic actors, multinational corporations. The result has been to create a new political space within which the immense transactions of the global economy take place. While new economic institutions have developed in contemporary globalization, corresponding political governance has not: economic space has expanded beyond political space (13, 14) .