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Globalisation theory has been broadened to include not only economic but also political and cultural interconnections.

The world has become a global capitalist market and the world's democracies are involved in free trade which are more advantageous for some countries.

Most Caribbean countries are advocates of the free market economy and are signatories to the ecnomic agreements. Some of these agreements are dormant while some are perceived as ineffective in improving the status of the Caribbean. Some examples of these initiatives are the Caribbean Basin Initiative( CBI), CARICOM, The EU, NAFTA and the WTO.

Belize, Jamaica, Trinidad and Tobago have relatively stable manufacturing industries and can be categorised as semi- periphery. Other countries such as Grenada, St. Vincent and Haiti, have limited goods to market and export, high food import bills and balance of trade deficits which would indicate a more peripheral status.

Global markets are susceptible to economic recessions-  the recessions in developed countries such as Greece, Spain and the USA from 2008 onwards attest to this.

Despite free markets governments are at times compelled to intervene to thwart national economic disaster.

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Globalisation is evident in terms of production, products, consumption, and financial markets. For example, commodities are produced in parts of the world where labour costs are cheap and where tax incentives and subsides are available. For example, McDonalds and Japanese cars which are created worldwide.

A third example, is that banks are becoming internationally owned, with the result that transfers of money to any destination for trading and investment purposes are made relatively easy.

Poor countries become dependent on the investments for dominant economic blocks like the EU.

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Large multinational corporations wield global power.

Issues that local and national governments cannot deal with are handled by organisations such as the IMF and NATO, the UN and WTO, international watch dog groups monitor these groups for abuses of power and protest against violations of terms and conditions.

Whereas Wallerstein and Sklair saw capitalism as the driving force behind globalisation, James Rosenau  see modern technology as the engine of globalisation especially as it relates to communication.

Technology has not only facilitated communication within countries buy across countries.

Events that occur abroad has an impact on everyday life and elicit global responses, despite geographical influence- for example, terrorism, pollution, human rights violations and corruption are all topical transnational issues.

Rosenau also focused on the complexities of globalisation where he used the concept of 'distance proximities', a dichotomy indicating that what seems remote can also be seen close at hand.

Geographical distances have shrunk ; people communication and organisations are both distant and close by.

The interrelationships are not simple and could include tensions that are experienced differently depending on  the nation, the community or region.

According to him we live in two worlds a multicentric world of diversity and a national centric world ( nation state) and these do not always fit together or interconnect.

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Globalization reflects the increasing interdependence and interlinking of countries worldwide.

Globalisation is the process whereby countries form deeper and wider trade ties, finance and communication so that they can function as a single, integrated body.

Via increase comminication, individuals and groups can interact regardless of physical location such that the world is refered to as a 'global village.'

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Globalization theories | Society and Culture | MCAT | Khan Academy

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The media has contributed to the perception that the world as one place, a global village as seen via leisure and sporting activities.

The Olympic Games, international football and cricket and tennis can be live despite geographical distance.

Patterns of consumption- for example food and cars- unit consumers globally.

Easy access to other countries via air and sea transport has minimized physical distance and has had a positive impact on the tourism industry.

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Immanuel Wallerstein and Leslie Sklair

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Wallerstein and Sklair agree that capitalism is the driving force behind globalisation.

Transnational in and institutions do not only operate on an economic level but also politically ( transnational capitalist class)but also culturally ( via consumerism).

Sklair equate the managers of firms, leading politicians and professionals with Marx's bourgeoisie since they all promote and benefit from global capitalism.

He argues that consumers items and popular television programmes are made to entice people to yearn for these ' modern things'.

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Wallerstein's deduction that the rise of capitalism occurred at the same time as the emergence of the World system ( around the 16th century) is too simple.

Historically, the early growth of core countries occurred before their relationships with the periphery, so that exploitation of the periphery was not responsible for their initial growth.

The unit of analysis does not recognize that nation states' development can be traced to internal cultural factors as well as to economic ones , eg. the case of postwar Germany and Japan.

Its nature is Eurocentric, especially in the conceptualizing a theory of a world system based on the fortunes of the British empire.

The theory negates the agency or the will of individuals to act from their own concrete interests; everything is explained based on the system or market.

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Immanuel Wallerstein's World Systems Analysis

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Immanuel Wallerstein took Marx's ideas about exploitation and applied them to his contemporary views of society. His World Systems Theory explains globalization and the market economy as exploitative tools which keep some countries in power over others.

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The core is representative of the developed countries.  These countries are already industrialized and highly technological, and has economic wealth and is linked to multinational corporation. Examples include the EU, Japan and US.

The semi- periphery consists of countries that are neither at the core nor the periphery. They are dependent on the core for trading and have fairly good governments. Their economies may be declining ( for example, former USSR states) or rising ( for example, Brazil, China, Mexico, and Singapore)

The periphery is agriculturally based. Its economy is not diverse and it supplies raw materials directly to the core, usually at low price, but buys the core's products at high cost. It supplies cheap labour. It is highly vulnerable to the core and is dependent on core markets for survival. Levels of poverty exist. Examples are Latin America, the Caribbean and Africa)

External area includes countries that are not commercially connected to the core and not part of the global market. They have their own economic system. There could be high levels of poverty and low levels of development. These include tribal villages and simple societies.

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This theory is a reformulation of the dependency theory

Wallerstein sees the economy from a more global perspective.

According to him, the world is connected by unequal economic  relationships guided by a capitalist economy.

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Immanuel Wallerstein, David Kowalewski and Dean Hoover