Introduction
“Globalization represents the reality that we live in a time when the walls of sovereignty are no protection against the movements of capital, labour, information and ideas nor can they provide effective protection against harm and damage” (Higgins, 1999). This declaration by judge Rosalyn Higgins, the former president of the International Court of justice, presents the contraventional wisdom about the future of global governance. Many view globalization as a reality that will erode or even eliminate the sovereignty of nation-states. The typical account points to at least three ways that globalization has affected sovereignty. First, the rise of international trade and capital markets has interfaced with the ability of nation-states to control their domestic economies.