Globalization

ALTHOUGH MODERN capitalism began emerging in the 15th and 16th centuries when international trading became lucrative for Western nations and private enterprise, the new economic world order emerged about 40 years ago.

This new world order is referred to as post-capitalism or globalization. Both terms refer to a set of social, political, economic, and cultural dynamics leading to the development of shared cultures internationally via the internet, the growth of transnational corporations across national boundaries and trade agreements via the European Union (EU), the World Trade Organization (WTO), the General Agreement on Tariff and Trades (GATT) and the North American Free Trade Agreement (NAFTA).

By the mid-1990s these trade agreements increased the U.S. control of the world market from 25 percent to 50 percent. The WTO, created ...