However, there is no single definition of what globalisation actually means nor is there a single key figure for measuring its scale and evolution over time. To me, a useful approach to defining globalisation is that, quite fundamentally, the term “globalisation” describes the ongoing process of the international division of labour.
At a more philosophical level, what the crisis highlighted was the massive breakdown of trust – trust in banks, in financial system, in rating agencies, in investment advisers and in politicians. Trust, which takes time to build up is an important element in the functioning of financial markets as the very nature of financial contracts requires a high level of trust.