Full employment are no longer a goal, instead emphasis is on export-oriented growth, free trade, labour market flexibility, more market and less state social policy, and privatization.
Globalization can be considered in terms of trade, international mergers and takeovers, technology, the global assembly line, and multinationals (Went, 2000). World trade has reached an unparalleled level: “Since the late 1980s international trade has been growing twice as fast as the world’s combined gross national products” (p10). There is also a rapid increase in mergers and takeovers and foreign direct investment (FDI). FDI especially has prompted globalization faster than international trade. By 1997, 143 countries had adopted special laws to encourage FDI and most countries have adapted their economy in some way to attract foreign investor. Technology, of course, plays a major role in all of this. MNCs take advantage of new technologies and considerably reduced transport and telecommunication costs to produce goods and services through processes spread all over the world.