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Understanding the Dynamics of Global Capitalism and Economic Globalization

This review explores the intricate relationship between capitalism and globalizing tendencies driven by profit motives. It highlights the consequences of global capitalism, including the emergence of differentiated ownership structures between core and periphery nations. The rise of transnational corporations (TNCs) is examined, focusing on their massive sales and influence on local economies. Additionally, the discussion contrasts traditional GDP metrics with alternative measures of economic and social wellness, underscoring the impact of economic globalization on nation-states and labor markets.

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Understanding the Dynamics of Global Capitalism and Economic Globalization

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  1. Review • Not just any global economy… • Capitalist economy, organized around private ownership and private gain • Driven by profit imperative

  2. Review • Capitalism has inherent globalizing tendencies, which arise from: • The drive to minimize costs of resources and labor • The drive to maximize sales of new products in new markets

  3. Review • Consequences of global capitalism include… • Rise of differentiated core (ownership) and periphery (labor & resources) • Export of high-paying manufacturing jobs from core to periphery • Export of environmental degradation from core to periphery

  4. Difference in Degree: Silk Road 130 BC

  5. Difference in Kind: World Trade Organization (established 1995) • [The WTO’s] main function is to ensure that trade flows smoothly, predictably, and freely…. By lowering trade barriers, the WTO’s system aims to break down other barriers between peoples and nations. -www.wto.org

  6. Road Map

  7. Economic Globalization at the Organizational Level – Rise of Transnational Corporations • In 2007… • About 80,000 TNCs • About 800,000 affiliates • About $31,000,000,000,000 sales

  8. TNC – Global Mergers & Acquisitions (87-06), Global FDI (70-08)

  9. TNCs and the Auto Industry

  10. Economic Globalization at National Level Changes what nation-states are: oriented on economic development Alternative to GDP is GNH: • Economic Wellness • Environmental Wellness • Physical Wellness • Mental Wellness • Workplace Wellness • Social Wellness • Political Wellness

  11. TNC Sales v. National GNP

  12. Governmental versus Private Capital Flows into Developing Countries 1970-95(State of the World)

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