Many economists, business analysts and especially people in the communications industries are in a state of euphoria about globalization. While this is obviously a feature of the times, parts of the business press give the impression that a single world market is a foregone conclusion, indeed virtually exists already. Analysts are urging that competition for capital will steer governments to provide the conditions that international business wants, like some giant, spontaneous traffic-calming device. The certain near-term victory of this process is too readily assumed, reflecting the fact that economists and business commentators tend to fix their attention on the more mobile factors. Political commentators, on the other hand--particularly those of a "realist" disposition--are more likely to emphasize the less mobile ones. While both perceptions pick up aspects of reality, it is not hard to see that the two must be brought together, since the tensions between them are what cause conflict and, so to speak, sell newspapers.
There are three profound systemic movements now working at the global level. The common element among them is the rapid cheapening of information. This, though speeding economic, political, and social changes of disparate kinds in societies throughout the world, is paradoxically exacting a price in many unexpected ways.
The first process is a speeded-up circulation of factors of production. Great uncertainty is being created by competition to attract and retain industries, especially those using advanced technology.
