Globalization, after many debates has been known to involve four changes. These include; first, is the stretching of economic, social, and political activities across the globe. Secondly, is the intensely growing in the magnitude of interactions band interconnectedness of culture, migration, and flows of trade. Thirdly, is the fast growing global processes and interactions, which in turn lead to spread and diffusion of ideas, information, people and capital. Fourth, are the increasing and deepening effects of the interaction as named above both locally and globally (Ohmae, 1990)
The current debates on globalization are defined by three accounts that explain on the nature and meaning of globalization;
The Hyperglobalists view
This view relies on the difference between the present period and the past one. It explains that the difference is due to the existence of one global economy, which incorporates and integrates the major economic regions in the world. They argue that this new global capitalist aims at an irresistible de-nationalization of strategic and specific economic activities. They believe that it is the global corporate capital and finance that have influence over the organization, the economic power, location and wealth rather than the states (Ohmae, 1990)
The hyperglobalist hold that the continuous economic globalization processes have immensely eclipsed the sovereignty and the autonomy of nation states.