The word globalization first appeared in the second half of the
1980s and now has become the most ubiquitous in the
language of international relations. It has spawned a new
vocabulary: globaloney (Why all the hype when the global
economy was more integrated in the age of Queen Victo-
ria?): globaphobia (the new, mainly mistaken, backlash);
globeratti (the members of the international nongovernmen-
tal organizations [INGOs] who travel around the world from
conference to conference, except when they are on the
Internet mobilizing for the next conference), and so on. For
Robert Gilpin, among the world's most eminent scholars of
international relations, globalization is insightfully defined as
the deepening and widening integration of the world econ-
omy by trade, financial flows, investment, and technology.