Globalization has become the economic buzz word since the 1990s. But there seems to be a consensus that it is not a new phenomenon  (See, for example, UNDP, 1999; Ajayi, 2001; James, 1999; Mussa, 2000; Mason, 2001; IMF, 2002). It has been argued that globalization has proceeded throughout the course of recorded history, though not in a steady and linear fashion (Mason, 2001). However, it is generally acknowledged that modern globalization commenced in the last quarter of the 19th century and has occurred in three phases (World Bank, 2002). The first wave of globalization spans the period, 1870 – 1913. This period saw large cross-border flows of goods, capital and people. By the end of the 19th century the world was already highly globalized with significant volumes of trade accompanied by unprecedented capital flows (Aninat, 2002; James, 1999). However, the earlier attempt at modern globalization ended abruptly with the outbreak of World War I. Consequently, the  period encompassing World War I, the Great Depression of the 1930s and World War II marked a giant step back in globalization or global economic integration. The Second Wave of modern globalization began after World War II and ended in 1980. The period was one that focused on integration among the rich countries (World Bank, 2002a) and it was characterized by lower trade barriers and further developments in transportation technology and reduction of costs. The Third  and most recent wave of globalization started around 1980 and  continues till today. It has been reinvigorated by the unprecedented ease with which information can be exchanged and processed as a result of breakthroughs in computer and telecommunications technologies. Thus, the phenomenon of globalization is not new. But, in recent years, as Obadan (2003) has observed, the phenomenon has intensified in its ramifications and become a very important issue for discussion in various fora. The present era has the distinctive features of shrinking space, shrinking time and disappearing borders which are linking people’s lives more deeply, more immediately than ever before (UNDP, 1999). There has also been unprecedented global economic integration.