Features of capitalism in context of globalisation
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Capitalism, as an economic system, first debuted in the 14th century and existed in three different historical epochs before it evolved into the global capitalism that it is today. In this article we take a look at the process of globalizing the system, which changed it from a Keynesian, "New Deal" capitalism to the neoliberal and global model that exists today.
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Features of capitalism in the context of globalization:
- It necessarily involves private property, capital accumulation, wage labor, price system along with competitive markets and voluntary exchange.
- Globalization involves because one country makes the cheaper product than the other which eventually leads to flourishing goods and services from one land to another.
- It has ties with the politics too which involves an attempt to regulate and deregulate different aspects of global trade including negotiation treaties with foreign powers. It necessarily leads to globalization and vice versa.
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