Globalisation has entered the academic vocabulary despite, or perhaps because of, its conceptual imprecision. Indeed it has been argued that:
it is largely because of their ambiguities that mere words are capable of… independent action as forces in history. A term, a phrase, a formula which gains currency or acceptance because one of its meanings, or of the thoughts which it suggests, is congenial to the prevalent beliefs, the standards of value, the tastes of a certain age, may help to alter beliefs, standards of value and tastes, because other meanings or suggested implications, not clearly distinguished by those who employ it, gradually become the dominant elements of its signification (Lovejoy, 1936: 14).
The future will decide if this evolution is to happen to globalisation, a term born in a period of diminishing economic expectations, poor economic performance, ‘the end of socialism’ had conquered all before it as a disorganised capitalism superseded the Keynesian interregnum of the West and arose from the rubble of the command economies in the East.