It is this very understanding of globalisation that we read about and hear about. This understanding of globalisation fits into the set of literature referred to as the ' first wave' and is associated with US truimphalists and business schools theorists. More importantly, it reciprocates the understanding of globalisation by the international financial institutions, such as the International Monetary Fund (IMF) and the World Bank (WB), which are seen as the agents of globalisation and have exported globalisation to all regions of the world through economic reform programs, known as Structural Adjustment Programs (SAP). From the above not only an understanding of globalisation should have materialised but also the forces that underpin, shape and direct globalisation should have become apparent. Globalisation will continue to be prevalent, making it imperative that the true nature of this phenomenon is understood. .
The reality and the true face of globalisation.
Globalisation has spread like wild fire around the world since the 1990s and despite the so called benefits of globalisation that are mentioned by the advocates and promoters of globalisation, it is quite apparent that in reality globalisation is not working for everyone. Rather than being a saviour it has like a fire caused devastation to whatever far off region it has reached or touched. Globalisation has come to be associated with the 'Washington Consensus' which in turn is comprised of a series of economic policies that a nation has to adopt if it is going to successfully fit into the new world paradigm. Policies include the removal of subsidies, increased levels of taxation, reduction in public expenditure, de-regulation/liberalisation of economies, privatisation of the public sector and devaluation of currency. These policies were promoted as seeds of globalisation leading ultimately to development and economic growth, however over twenty years of experience have indicated otherwise.