1.1 Background of the Study
The transformation of the global village has come to be associated with the dynamism and frequency of technological advancement. One significant phenomenon that was extent prior to and during the cold war, was the technological advancement of nuclear and chemical weapons. The dissolution of socialism in the Eastern bloc raised questions about the emergent global village. One school opinionated that the world was heading towards a unipolar arrangement dominated by the United States. Another school opined the emergence of multipolar powers with relatively equal leverage. To the extent that these postulations were essentially political, blurred the unnoticed innovative constellation of economic forces.
Today, the domination of politics in the international scene has gradually given way to economic hegemony in the form of globalization. Though, the relationship between the two phenomena is cyclical, since one reinforces the other. Globalization optimizes the amelioration of international commerce on the international life of states.