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Globalisation is a process rather than a completed fact, and is more than a mere economic phenomenon. It has got many aspects and implications, including, of course, social, political, institutional, and technical as well as cultural ones.

Globalisation in economic terms is nothing but a process making the world economy an organic system by extending transnational economic processes and economic relations to more and more countries and by deepening the economic interdependencies among them, i.e. by globalising the international economy both "horizontally" (in the sense of territorial extension) and "vertically" (in the sense of creating lasting functional relations among its parts).

The progressing transnationalisation (globalisation) of economic relations can be observed in respect of

• the relations of ownership and control over development resources, means or capacities of material and intellectual production (as proved by the presence of foreign properties, capital ownership and the controlling position of foreign firms or personnel in the national economies, or as a result of international capital flows, by the fusion of national capitals and the forging ahead of transnational corporations, and by the spread of commonly owned assets and...

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