Due to Globalisation, in place of the welfare state what has become the prime determinant of economic and social priorities?

Market

However, it withdraws from many of its earlier welfare functions directed at economic and social well-being. In place of the welfare state, it is the market that becomes the prime determinant of economic and social priorities. The entry and the increased role of multinational companies all over the world lead to a reduction in the capacity of governments to take decisions on their own.