The significance and paradox of globalisation in the 21st century: the role of three major global institutions in selected areas

This paper examines globalisation, its significance, paradox and the cultural approaches used to understand this phenomenon. We look at how globalisation evolved, suggesting that a trend towards global interplay is not the outcome of modern times. We observe the role and process of financial institutions in three major global institutions in selected areas, and consider globalisation's effects in regional contexts and the impact on the world's economic system. The paper explores the role of politics as it affects globalisation in its allocation of goods and services. It concludes with the significance of culture as the central driving force perpetuating its paradox.