Overview

?Economic globalisation is being driven by transnational corporations, which are now the major player in world economics. They?rather than national governments?set the pace of economic change. The anti-globalisation demonstrators are right to identify the problems that some corporations create, such as the exploitation of labour (including child labour), the manipulation of national taxation regimes to avoid paying tax , and the destruction of the environment. They can also play havoc with foreign currency transactions. For example, American banker Andy Krieger was one of the legendary foreign currency speculators in the late 1980s . He speculated particularly on the NZ$ (the ?Kiwi?). On one occasion he sold roughly the entire money supply of New Zealand. New Zealand finance officials privately told him that they did not mind him driving down the price of the Kiwi because it would make exports cheaper and spur economic growth. In other words, this 25 year old trader could do what the government could not?drive down the Kiwi?s value and force economic change on a lethargic business community.? From Keith Suter?s chapter on New Zealand?s role in the Pacific.

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Ralph Pettman is a professor of international relations in the political science and international relations program at Victoria University of Wellington.

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