Essay on Globalization And The Economic Development

1318 Words Nov 16th, 2016 6 Pages
Within about half a century, the economic development of various major regions on this planet have seen tumultuous change not yet seen in the past millenniums, with overall positive result. This of course came from policies after the second World War which include reduction of global trade restrictions, more open international diplomacy, and increased telecommunications; which can be summed up as a process called globalization. By these means, here has also come several externalities which were outlined by Karl Marx, in such a manner that there is allusion to his society in his manifesto. The current trading systems available with Globalization will drive the capitalist system into a more Marxist manner due to more stagnating economies of scale among firms, redevelopment of the utility and production of variable capital, and an increasing co-dependence between the state and industries. As ironic as this sounds, there is significant amount of evidence in modern society of that capitalism can turn into its reciprocal.
Globalization, within the economic value helped stimulate more accessible movement of capital and labor among developed and developing nations in the 20th century after the second World War. Ironically enough, while the many nations that were fighting Communism, actually embraced the echoes that were sounded by Marx (1894), almost a century earlier. As mentioned in the third volume of Capital,

“… foreign trade partly cheapens the elements of constant capital,…

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