
Since around 1970, the world is said to have left behind modernity and entered the postmod-
ern phase, which is marked by the spread of globalization. In this postmodern era, finance
was the fastest growing area until the end of the twentieth century, when it was over taken
by the information technology (IT) and business process outsourcing (BPO) indus tries. The
onward march of the savings-investment process has been affected lately by the economic
recession, manifestations of which first appeared in mid-2007. The so-called global village
is now going through a period of economic gloom, and normalcy does not seem foreseeable
in the near future ...