All
national economies are now vulnerable to the inroads of larger, transnational
markets within which trade is free, currencies are convertible, access to
banking is open, and contracts are enforceable under law. In Europe, Asia,
Africa, the South Pacific, and the Americas such markets are eroding national
sovereignty and giving rise to entities—international banks, trade
associations, transnational lobbies like OPEC and Greenpeace, world news
services like CNN and the BBC, and multinational corporations that increasingly
lack a meaningful national identity—that neither reflect nor respect
nationhood as an organizing or regulative principle.