Globalization is an extension of capitalism .Discuss using the Marxist views to explain your answer?

According to Marxist theory, globalization is indeed an extension of capitalism. Marxism views capitalism as an economic system that is driven by the pursuit of profit and the accumulation of capital. It argues that capitalism inherently leads to the expansion of markets and the search for new sources of cheap labor and raw materials. Globalization, in this context, refers to the increasing interconnectedness and interdependence of economies and societies worldwide.

Marxists argue that globalization is driven by the need for capitalists to expand their markets beyond national boundaries in order to sustain and increase their profits. Capitalists seek to exploit new markets and access cheaper labor and resources in different parts of the world. This process is facilitated by advancements in technology, transportation, and communication, which have made it easier for capital to flow across borders.

Globalization has led to the emergence of multinational corporations (MNCs) that operate across multiple countries. These MNCs take advantage of differences in labor costs, regulations, and tax regimes to maximize their profits. They often establish production facilities in countries with lower wages and weaker labor protections, leading to the exploitation of workers and exacerbating global inequalities.

Marxists argue that globalization also intensifies competition among capitalists, as they strive to gain a larger share of the global market. This competition can lead to the concentration of capital in the hands of a few dominant corporations, further reinforcing the power dynamics of capitalism. Smaller businesses and workers often struggle to compete, leading to job losses, wage stagnation, and increased income inequality.

Furthermore, Marxists argue that globalization promotes the commodification of goods and services, as everything becomes subject to market forces. This commodification extends to areas such as education, healthcare, and even social relationships, where profit-seeking motives can undermine the provision of essential services and human well-being.

In summary, from a Marxist perspective, globalization is an extension of capitalism as it is driven by the profit-seeking motives of capitalists. It leads to the expansion of markets, the exploitation of cheap labor, the concentration of capital, and the commodification of various aspects of life. Marxists argue that these dynamics perpetuate and exacerbate the inequalities and contradictions inherent in the capitalist system.