For consumers and avowed capitalists, this is largely a good thing. Vigorous trade has made for more choice in the High Street, greater spending, rising living standards and a growth in international travel. And that's just the tip of it. Supporters of globalisation say it has promoted information exchange, led to a greater understanding of other cultures and allowed democracy to triumph over autocracy. But as the street protests against last November's World Trade Organisation conference in Seattle proved, there is a growing opposition to the forces of globalisation.
Critics say the West's gain has been at the expense of developing countries.
But even in the developed world, not everyone has been a winner. The freedoms granted by globalisation are leading to increased insecurity in the workplace. Manual workers in particular are under threat as companies shift their production lines overseas to low-wage economies. National cultures and identities are also under threat thanks to the spread of satellite TV, international media networks and increased personal travel. Ecological campaigners say corporations are disregarding the environment in the stampede for mega-profits and marketplace supremacy.