Globalization as an ingrained culture of capitalism Essay

Globalization as an ingrained culture of capitalism - Essay Example The paper tells that through years globalization has raised doubts in our minds. There has been a constant debate on the pros and cons of globalization. Many have debated this phenomenon is a result of the telecommunication boom leading to turning the world into a global village. With a growing sense of unease among many of us, the current trends in global capitalism and global society are being constantly reviewed and reiterated. It has been argued by many theorists that the characteristic aspect of the globalized economy is the market economy. However, some have maintained that it is not so much market economy but capitalism that characterizes today’s time. Trying to understand the rules that guided capitalism in earlier days will help to understand the new form of capitalism, â€Å"globalization†, today. Eighteenth-century definition of capitalism refers to an economic and social regime in which the benefits and ownership of productive assets were appropriated by the minority to the exclusion of the many. The driving force was money which was used to make more money by any means available to those who already have a great deal. Capitalism has not been concerned with the efficient allocation of resources to meet the needs of common man thus resulting in inequality and deprivation mostly. The ideal of capitalism is a borderless global economy in which money and goods can be moved freely in search of short-term maximum profits without regard to the consequence for people, communities, and nature.