society. All nation-states as a whole are equal in power. Although this does not mean that nation-states have equal resources or ability but have supposed equal right.
             There are many ways that globalization will undermine the sovereign states system. This will affect the sovereignty of nation-states. The forces occurring in the era of globalization are going to affect the nation-state through explicit mechanisms. Many believe a significant challenge to state sovereignty stems from the global economy. This means the major pieces of the global economy, such as multinational companies and the global capital market have a major impact on state sovereignty. Within the global capital market, gamblers and investors have the ability to exchange large sums of money from one country to another with just a few clicks through the electronic communication network. It is impossible for a state to have complete control over movements which can be made instantaneously. The effects of this can clearly be seen through the financial crisis of some Asian countries, the disappearance or speed of dispersing gambling money has motivated some financial turmoil (Elenore Kaufman and Gillian Youngs). The effect on sovereignty can also be recognized through the development of offshore bank deposits. This causes states to lose ownership of a major national identity, currency.
             Transnational bodies and international laws also affect the sovereignty of nation-states. Europe has already launched an effective single currency system, which is quickly replacing the national currencies of its member states. The decisions of the United Nations can often accompany the use of military forces like the Gulf War in 1991, in which case the sovereignty of Iraq was co
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