Its chief aim is to expand the frontiers of the market by principally rolling back the state. In addition, the Cold War ended with the restoration and triumph of capitalism on a truly global scale. We were now supposed to look forward to a new capitalist paradise of infinite progress. Globalisation far from being a force of development, has actually worsened the situation for many poor people. Inequality within and between states is on the rise.
Unemployment is equally on the rise particularly in the developing countries.
World output is also stagnant or grows at a slow pace. What we are actually witnessing is the twin process of jobless and job loss growth. The 1997 global economic crisis was a rude awakening moment for those who believed in the triumph of capitalism. Suddenly, the world economy was plunged into a major turmoil something that the pundits of globalisation have suggested that we have now outlived. One thing that this ought to tell us is that there is a relation of globalisation of economic activity to the globalisation of crisis.