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The term "Global Village" refers to the widening and deepening of the global system. The International Monetary Fund (IMF) define globalisation as "The increasing integration of markets both for goods and services and for capital." The world village also has a hidden metaphor. It implies a small space in which people live, one where they know everything about everyone and everything that happens. It can be argued that there are a total of seven factors contributing to the globalisation movement. The first element is the breakdown of the post-War economic order with the oil crisis of 1973-4. This led to the second point, the liberalisation and deregulation of the financial institutions in the 1980s and 1990s. Thirdly, the collapse of the Communist systems of East and Central Europe in the 1990s meant that there could be greater integration throughout the world. As a result of the collapse, Germany could be...

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