Need an research paper on the effects of capitalism and globalization. Needs to be 6 pages. Please no plagiarism. Capitalism and globalization have entrenched serious problems in the socio-economic structures of given countries.
Maitra Priyatosh argues that globalization of capitalism fosters the domination of other countries. Maitra, however, explains that the domination of countries did not occur in a single stage. Globalization begins from the first stage, which comprises the internationalization of production. In the second stage, capitalism involves the internationalization of investment. The third stage comprises the globalization of capitalism. The formation of Bretton Woods Institutions such as the IMF and the World Bank initiated a stage for advocating free markets (Maitra 23). This is possible through ultimatums on funding and trade pacts that jeopardize the sovereignty of domestic countries. It is essential to highlight that the IMF usually expects member countries to open up their markets for foreign goods. This is disastrous for developing and emerging economies, which rely on natural resources and agriculture for the survival of their economies. In most cases, the developing economies’ markets are opened up for the developed countries’ industrial goods. Agricultural goods and natural resources, however, face uncertain markets and unstable prices that promise low prospects out of exports. The third phase in the globalization of capitalization entailed aggressive foreign direct investment that promotes capitalist production across the countries in the world. It is essential to highlight that foreign MNC’s usually target low production costs, realized from cheap and available labor, and aim at ready markets for their goods. This compels domestic countries to set policies that favor foreign direct investment at the expense of the welfare of domestic economies. In such circumstances, for instance, the immense political power of MNC’s dilutes the power of trade unions. .