All posts tagged: Critical

Whats wrong with Global Capitalism?

Global capitalism, the current epoch in the centuries-long history of the capitalist economy, is heralded by many as a free and open economic system that brings people from around the world together to foster innovations in production, for facilitating exchange of culture and knowledge, for bringing jobs to struggling economies worldwide, and for providing consumers with an ample supply of affordable goods. But while many may enjoy benefits of global capitalism, others around the world — in fact, most — do not. The research and theories of sociologists and intellectuals who focus on globalization, including William I. Robinson, Saskia Sassen, Mike Davis, and Vandana Shiva shed light on the ways this system harms many. GLOBAL CAPITALISM IS ANTI-DEMOCRATIC Global capitalism is, to quote Robinson, “profoundly anti-democratic.” A tiny group of global elite decide the rules of the game and control the vast majority of the world’s resources. In 2011, Swiss researchers found that just 147 of the world’s corporations and investment groups controlled 40 percent of corporate wealth, and just over 700 control nearly all of …