Globalisation has become a catchword for the international economy in the late twentieth century. It is a truism that nations have become more interdependent through the flows of goods, services, and financial capital since the 1970s. The growing importance of export-oriented industrialisation has made integration into the global economy virtually synonymous with development for a number of nations. Most recently, the projection of national production systems across borders through direct investment and international subcontracting has deepened the interdependence and functional integration of the world economy.