Global Capitalism

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Universal accululation of a surplus of wealth.  A world-wide trend towards producing, distributing and exchanging wealth.

Jan Aart Scholte examines the relationship between globalization and capitalism in his article:  Global capitalism and the state

Both the causes and the consequences of globalization are substantially bound up with a capitalist political economy.  On the one hand, the dynamics of surplus accumulation have been a major force behind contemporary globalization and on the other, globalization has considerably reshaped the workings of capitalism, including in particular the activities of the state.   (Scholte, pg. 2)

In his article, Scholte explores the causes and consequences of globalization in relation to:  global markets, global production, global commodities, global business organizations, and global money and finance.

The emergence of global capitalism has prompted many mergers and acquisitions, a trend that has increased concentration in many industries both within countries and on a world scale.  Globalization has also brought a major delinkage of money and financial instruments from territory and has created major new spheres of accumulation:  telecommunications, information technology, electronic finance, etc. (Scholte, pg. 20)

References

International Affairs , v73 n3, July 1997 pp.427-52.

Website

For more on Scholte's viewpoints, visit this website:

http://www.mtholyoke.edu/acad/intrel/scholte.htm

 

 

Contributed by Mary Yeazel