the internationalization of economic activity and its major vehicle, the TNC, can be regarded simply as being part of the normal expansive process of capitalist development.

Geographically, the global economy is now multi-polar , as new centres of production have emerged in parts of what had been, historically, the periphery of the world economy. The world is now more accurately described as a 'mosaic of unevenness in a continual state of flux'.

Reality is far more complex and messy than many of the grander themes and explanations would have us believe.

Every production network has spatiality - the particular geographical configuration and extent of its component elements and the links between them.

In the United Kingdom, for example, the sheer overwhelming dominance of London makes it extremely for provincial cities to develop more than a very restricted financial function. London, in that sense, is akin to the notorious upas tree, a fabulous Javanese tree so poisonous that it destroys all life for many miles around itself.

A striking feature of financial service activities during the past few decades is that the financial transactions essential to the operation of the 'real' economy has become increasingly dwarfed by speculative activity.

More broadly, strategic alliances are more difficult to manage and coordinate than single ventures; the potential for misunderstanding and disagreement, particularly between partners from different cultures, is great. Certainly many such alliances are short lived.