Answer:
Before the era of globalization, nation-state was supreme and omnipotent. However, globalization has shifted from nation-state to global commons. Globalization has resulted in the erosion of state authority. The entry and the increased role of multinational companies all over the world has led to a reduction in the capacity of government to take decisions on their own. Almost all countries of the world have joined or accepted the supremacy of IMF and WTO and thus power of states has reduced as all rules and regulations enacted by the institution are binding on member-states.
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