Liberia: Globalization As an Extension of Capitalism - the Case of the Developing World

opinion

Globalization is conventionally defined as the integration of National economies into the International economy through trade, foreign direct investment, capital flows, and the spread of technology. However, in reality, globalization is not new. It is the innate drive of capitalism to search for new markets in order to maximize profit both geographically and technologically.

It is a trade system characterized by the free movement of skilled labor and goods enhanced by lower tariffs as international trade is the exchange of capital, goods and services across international borders or territories. Trade generates incredible wealth, and links the lives of everyone on the planet. However, millions of people in the developing world are losing because rules controlling trade heavily favor Northern Nations that set the rules.

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