Question

Difference between capitalism and globalism (in differentiate form)

Answer 1

Answer:

Globalization and capitalism are popular terms used to describe the economy.

Globalization is a general term that can be defined in many ways, while capitalism has a specific definition. ...

Capitalism leans towards private ownership as opposed to government ownership.

Capitalism is encouraged by globalization.

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Answer 2

Answer:

Difference between capitalism and globalization :

Capitalism

• Capitalism is defined as a system wherein economic distribution and production are owned by private entities in order to accumulate profit.
• Capitalism leans towards private ownership as opposed to government ownership.
• Capitalism also leads to the term laissez faire, which asserts that government control over markets is not necessary.

Globalization

• The term ‘globalization’ was first used in the 1930’s however, it was only used in an economic context during the 1960’s.
• There are two important definitions of globalization.

1. The first one was formed by the United Nations, and it defines globalization as free trade, which includes the removal of tariffs and other impediments to the free flow of capital, goods, labor, and services.
2. The second definition is used by economists – they describe globalization as the assimilation of national economies into one huge international economy via foreign direct investment, migration, trade, capital flow, and trade.