Previous Chapter Chapter 10: Capitalism as a System of Global Power

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Capitalism as a System of Global Power
Capitalism as a system of global power

Globalization has become a buzzword and affects us all. Some see it as a beneficial process resulting in prosperity all round, while others see it as causing further inequality and marginalization (Bauman, 1998: 1). Globalization is often understood as a process of liberalization of the economy in which states relinquish some of their authority according to free-market principles enforced by multilateral institutions, and in a situation within which new agents such as the International Monetary Fund, the World Bank and multinational corporations determine global politics, following neoliberal principles (Gill, 1997a). Globalization can also be seen as a process which involves further fragmentation and localization of interests, becoming a complex system of simultaneous ...

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