As a term and a concept, "globalization" possesses expression in all of today's major languages yet it continues to lack precise definition, thus it remains a fleeting concept free from proverbial entrapment and subsequently prone to volumes attempting to comprehend its grandiosity. However, what has been present in so many discussions surrounding it is its debatability.
Economic globalization is the topic of much of the debate surrounding the concept and occurrence of globalization as the world is witnessing a lessening in the governmental power of nation- states while simultaneously witnessing an increase in the economic decision-making power of global financial institutions, such as the International Monetary Fund and the World Bank, to dictate the affairs within nation-states as well as between them.
Therefore, economic globalization can been viewed by utilizing two theoretical perspectives, herein described as "free-market capitalism" and "world systems." These two perspectives are most often utilized for debate in many social forums. This is due to their pervasiveness in theoretical circles as well as their explanatory power in approaching such large debates as economic globalization and the intertwining of the globe.
Herein lies a brief presentation of the main features of the two perspectives in hopes to clarify such positions regarding some of the aspects of rising global economic intertwinement. As we shall see, the "world systems" perspective offers the greatest explanatory power in its approach to and explanation of the underlying logic and dynamics of economic globalization as well as the potential consequences of such a phenomenon.