> #economics , #globalization , #capitalism > Globalization and capitalism are two saids of the same coins, how?
Dickson Shilumba
Feb 22

Globalization and capitalism are two saids of the same coins, how?

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Feb 22
Globalization and capitalism are closely intertwined because they both involve the interconnectedness and interdependence of economies and markets on a global scale.

Capitalism is an economic system based on private ownership of the means of production and the pursuit of profit. Globalization, on the other hand, refers to the increasing integration and interconnectedness of economies, cultures, and societies around the world.

Globalization has been driven in large part by capitalist principles, as companies seek to expand their markets and increase profits by operating on a global scale. This has led to the outsourcing of production to countries with lower labor costs, the growth of multinational corporations, and the spread of consumer culture worldwide.

At the same time, globalization has also been criticized for exacerbating income inequality, exploiting workers in developing countries, and undermining local cultures and traditions. These criticisms are often directed at the capitalist system, which prioritizes profit and efficiency over social and environmental concerns.

Overall, globalization and capitalism are interconnected in that they both promote economic growth and development, but they also raise ethical and social issues that need to be addressed.

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