This subject examines how the globalisation of financial markets, relaxation of investment restrictions and liberalisation of the goods and services markets have impacted on the traditional role played by the State and by international organisations on the one hand, and in the increase in power and influence of multinational corporations (State owned or otherwise), private foundations and private interest groups on the other. Examined in this context is the retreat of the State in its role as a regulator of activity and an increase in reliance on private enterprise to provide services as well as the infrastructure needs to the community, in some countries defence and ancillary needs, as well as the adoption of extra judicial dispute settlement processes in resolving disputes between its nationals and non-nationals. These developments have seen the emergence of a wide array of non-governmental actors as providers, arbiters, and countervailing forces providing voice. All of these developments raise issues of accountability, responsibility, transparency, as well as legitimacy.