The Expansion Of Capitalism Has Hindered The Developing Countries Of Asia, Africa And Latin America

Some believe that Capitalism is the cause for much of the poverty in the nation today, but any hardcore capitalist will tell you that capitalism inherited poverty, and far from being a cause of poverty, it is the only solution.

Assess the significance of three factors which might limit economic development in the developing countries.

In the late 1800’s Europeans took over Africa, took their resources,enslaving the Africans, and changed the course of history. The Europeans took over Africa, which is called The Scramble For Africa, in 1884-1914. The Europeans took over because Africa was rich in raw materials, they wanted power, and they thought their culture was superior. The driving force behind imperialism was need for resources, political competition, and technological advances. One driving force behind imperialism was need for natural resources. Document E uses a bar graph to show imports and exports in 1854, and 1900 between Great Britain and South Saharan Africa. Great Britain made 3 million British pounds in 1854, and 21

“The population of unemployed and underemployed explodes. There is a vicious circle here. Because so many seek work, wages are very low. Because one wage cannot support even a small family, more and more family members must seek employment. This move adds to the pool of labor and further depresses wages.” (Syracuse U. Press) Further, if wages begin to rise in one country, other countries seize the opportunity and lower their wages even further. With this cycle of falling wages and more and more people needing jobs, poverty increases drastically. With wages so low, the owners of these large companies get richer and richer—the vast majority of wealth in a country becomes concentrated in one small group of people. While this is good for those few, the vast majority of citizens are shorthanded. Capitalism is an excellent system for the elite and for increasing efficiency, but as far as providing for the needs of all of its citizens, it falls short. Thus, capitalism is a system that causes and perpetuates poverty, and exploits its lower class.

Africa has been exploited for many years throughout the time of imperialism They have been oppressed by Europeans such as the Dutch and Portuguese But one especially active group were the British They had played a major role throughout history and specifically in Sierra Leone They had originally been exploited for their abundance of diamonds Though this period of imperialism has ended, the british has still left a mark in Sierra Leone As a result of the period of imperialism, Sierra Leone now participate in the use of child soldiers

Eglitis implies that, “The existence of global poverty fosters access to resources in poor states that are needed in, or desired by the West.” (Eglitis 225) The economic state of these poorer nations puts them in a position where they are not even capable of putting forth the capital that would be required to utilize or benefit from their own natural resources. Poverty in the global village makes the monetary influence gained by the wealthier nations of the West have a greater impact. This economic influence ensures that any resistance to exploitation by the West would be marginalized. The underdeveloped countries are simply not in a position economically to resist. This paints for us a grim picture of how western influence fuels the continuing global class system by applying economic leverage that caters to the desires that feed western

In most cases U.S. citizens who are in poverty are in relative poverty in relation to the rest of the U.S. population; whereas in the world as a whole a greater number of people are in absolute poverty and are barely able to survive on their income, or wages and earnings, and they have very little to no wealth since it is impossible to save any of their money. Ethnocentrism makes it difficult to obtain a clear picture of the conditions of poverty and inequality in other nations and cultures. There are many theories concerning the causes and solution for poverty in the global economy. The two major theories are the modernization theory which explains inequality in terms of technological and cultural difference between nations, and the dependency theory which explains poverty in terms of the historical exploitation of poor, or low-income, nations by rich, or high-income, nations. This theory has manifest itself in a new way in today’s world in the form of neocolonialism; economic exploitation by multinational corporations.

In 1922, the greatest power of the world, Great Britain, reached the apex of its power. The empire had power over nearly a third of the planet, despite the tiny size of the country itself. It brought upon hugely significant changes to colonies all over the world, and controlled so much land that many would often say, ‘the sun never sets in the British Empire.’ Despite the tremendous innovations that the British brought to their colonies, many still argue that they were cruel and selfish, causing turmoil and negativity.

The Enigma of Capital and the Crisis of Capitalism is a forum for author David Harvey to voice his concerns on the contemporary global capitalist model. As a Marxist geographer and anthropologist, Harvey analyzes modern capitalism through a lens of skepticism that results in a scathing renunciation of the capitalist goals of perpetual accumulation and creative destruction. Harvey argues that in a world constrained by scarce resources and burgeoning social barriers, the capitalist process produces a strange dynamic that oscillates between periods of crisis and boom (40). In the end the capitalist may be able to hedge against her losses, but the vast majority of the population will wallow in the doldrums, enslaved by the power of capital and unable to pull themselves up by their bootstraps. Such is the extent of the problem we face in the wake of the Great Recession. The economy continues to grow modestly, while median household income shrinks (Noss 2). The capitalists are reloading once again at the expense of Main Street. As Harvey points out, there is a great need to reevaluate of our views of modern capitalism. The Enigma of Capital is just a starting point.

Capitalism appears to satisfy the ‘need’ for power and acquisition above all else, and the evidence is seen in the growth of global wealth, which certainly does not amount to equal wealth. The

Africa was colonized in the 1870s, an era of colonization and European capitalism. At this time period, land was more powerful than any type of currency. (“European Colonization of Africa and Asia”). For some countries in Europe, like Britain, getting profitable regions of Africa meant land, raw materials, and a legacy of a world power.

On all accounts in history, colonization created the system of the slave trade, in order to help build the economic foundations of established colonies. However, doing so left the victims of this trade with a legacy of limited potential. For instance, past colonization has influenced disproportionate distributions of income in South Africa, the lowest on the continent. “Colonialism has left South Africa with a legacy of migrant labor, particularly among workers in the gold and diamond mine…” As a result, it guarantees poverty concerning the majority of the black African population, in contrast with the history of wealth and prosperity of the white population in Africa. Also, white supremacy is visible throughout the colonization of foreign nations. The European colonists did not want

The documentary “Master of Monkey” is mainly about Capitalism and its radical effects. Karl Marx emphasizes on modern inequality where capitalism is included. He saw capitalism as an enlightened historical stage that would eventually be followed by socialism. Marx focused on the class of capitalism. In the documentary film, we saw the detail description of differentiation between the high class or capitalist and the working class or Proletariat. Therefore, in my paper, I want to highlight the importance of capitalism in the global world.

There are many ways in which Africa has been exploited by the international world historically. One way was through slavery. From when the first Portuguese ships arrived on west African shores in 1444 until 1885, the transatlantic slave trade has dominated the oceans for 440 years. Europeans set up the triangular trading system that exchanged enslaved Africans and plantation produce for European goods. Exploitation began with wars that were used to obtain slaves, and this is how the strongest and most fit Africans were exported out of their homeland. The slave trade caused the forced removal of millions of Africans, many who were skilled tradesmen and people with a variety of occupations. African societies became weak without them. Another common way Africa was taken advantage of was by colonization. After America had been thoroughly discovered and Native Americans had been pushed off their land, Africa became the next frontier. Colonization in the 19th century was for the sole and selfish purpose of benefiting other countries. Europeans literally “drew the map of Africa to divide and conquer it.” Areas of Africa that were unrightfully placed under direct control of the government became colonies. The colonies were actually extensions of European countries, easily gave Europeans agricultural and mineral resources at an extremely cheap price, and were the markets for manufactured goods from Europe. Africans in these colonies were not allowed to manufacture in their own

Globalization is the proximate and multidimensional set of political, economic, social, and technological integration around the globe. The increasing interconnectedness among countries can be seen through the prism of globalization. Essentially, the lives of people living in distant cities like Bangalore and Silicon Valley are brought closer as a result of this phenomenon. Drivers of this adjacent include; the expansion of trade, technological exchange, labor movement and investments (Stearns 2017). The discourse of globalization encompasses several multidisciplinary themes. The paper, however, concentrates on the economic factors, “which, entails the closer economic integration of countries of the world through increased flow of goods, services, capital and even labor.” (Stiglitz 2007: 4). The paper focuses on economic globalization and elucidates whether the globalization has reduced poverty and inequality or had reproduced the reversed implications. Meanwhile, the paper reveals if the developing world has benefited from the set. This seems to be the central question that policymakers, development economists, and politicians have been grappling with for years. The paper is presented in three parts. Part one reflects on the historical context of the problem statement. The second part compiles literature and juxtaposes with cases to corroborate the globalization-poverty-inequality triangle. Finally, the conclusion represents the author’s viewpoint on the