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Synopsis Transnationalization of economic life is one of the major developments in the late twentieth century. Globalization is centred on the integration of international markets for goods, services, technology, finance and labour. Greater integration has had several effects on the production in national economies, on the role of MNCs and FDI, product differentiation and other aspects of production and consumption. The current scenario can be called global economic interdependence where cross-border linkages between markets and among production and financial activities are now so strong that developments in one country are influenced by policies outside its boundaries. The most unique feature of globalization is the growing concentration and monopolization of economic resources and power by the MNCs and the global financial firms now termed as ‘transnationalization’. Globalization and economic growth that goes with it have proceeded unevenly in time and space and the income gaps have widened over the years and the disparities between the rich and the poor nations almost doubled over the last decades. Looking back, we find that globalization is a very uneven process, with unequal distribution of benefits and losses. This series is dedicated to Raul Prabisch who underlined the dynamics of the world economy and the interdependence between the industrial countries of the north and the LDCs of the south.