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

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This paper seeks to indubitably forward that the expansion of capitalism has hindered ‘the developing countries of Asia, Africa and Latin America’, therefore contributing to poverty: The state of being extremely poor’. Capitalism is an economic system, dependent solely on capital: the force that increases the productivity of labour, creating ‘wealth of nations.’ Adam Smith expressed capitalism’s exclusivity, driven by the ‘invisible hand’ mechanism, exclusive to developed countries and capable of causing such poverty. The British Empire, competitive pricing and globalisation reflect this. Postmodern scholar, Ricardo Hausman challenges my analysis, arguing that capitalism has not spread enough.

Firstly, capitalism has weakened third world
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This is referred to as ‘dead capital’ - those perfectly capable for entrepreneurship yet lacking rights. This stems from colonialism. At its ascendant into mature industrialised capitalism in the mid 18th century, proliferation of conflicting competition derived from western powers going to extensive to stake a claim of Africa’s resources. The scramble for Africa of 1884-85 reflects such ruthless competitiveness. Western powers argued with one and other over who should have the country with the highest concentration of resources. Historian Ieuan Griffiths says that this auction was deemed as a ‘great impediment to individual development.’ What was to come of dividing Africa’s resources? Exploitation. Africa and the West Indies endured slavery to produce sugar to Britain as the parent power. ‘Behind the great wealth of planters lay the "triangle merchants" who motivated the slave trade between Britain, Africa and the West Indies.’ Through cruelty and brutality, colonial capitalists forced unwaged and waged workforces to better their self-interests, exporting even humans away from where they potentially could better their own economy.

With the existence of colonial competition and exploitation of third world countries, Hobsbawm stated, there was a power complex on which ‘British economic power essentially rested on.’ This complex portrayed the struggle by which

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