Globalization Under Neoliberal Capitalism

Globalization under Neoliberal Capitalism
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Globalization under Neoliberal Capitalism
The current phase of globalization under neoliberal capitalism has contributed significantly to a number of ills that affect the society. Zoomers (2010) says that globalization, increased levels of foreign direct investment (FDI), and market liberalization have been rapidly accompanied with high level of land grabbing as well as a boom in real estate. Instead of refereeing to it as land grabbing processes, Zoomers refers to it as “foreignization” of land or space. Yardimci, Karacor and Konya (2018) argue that neoliberal globalization not only stimulate economic growth and rising profit, but it also leads to environmental degradation and destruction of the natural environment, which also suppresses economic expansion. Werlhof (2018) holds that neoliberal globalization has been responsible for environmental degradation and plundering of the earth since most organizations aim at maximizing profits at the shortest time possible. Monbiot (2016) argues that neoliberalism has caused environmental disasters, financial crises, and increased poverty levels. This paper examines how powerful economic actors can properly approach philanthropy in an attempt to assuage the ills mentioned above.
Werlhof (2018) argues that neoliberal globalization is an economic concept that consist of supporting free trade and expansion of global trade, but whose effects are so fatal yet people continue to support the same policies. This is because it contributes to social exclusion, individualism and self-interest, and alienation of ethical affairs and economic principles. This implies that economic growth is separated from the society, while economic rationality is considered as a calculation of cost-benefit analysis and profit maximization. Competition becomes the main factor that drives economic progress and growth, thus replacing the subsistence economy with unwarranted economic liberalism. Zoomers (2010) says that the reason why major corporations are rushing towards acquiring huge portions lands is to be able to sustain the developed countries at the expense of poor countries. Evidence indicates that currently, the interests of the global economy tends to outweigh the economic concerns of a society as well as the considerations of the national economy since companies consider themselves as being beyond the society and the entire nation.
Yardimci, Karacor and Konya (2018) are of the opinion that neoliberal globalization has contributed to a crisis in welfare and governance. This implies that capitalism and globalization has been responsible for global inequality, unemployment, inequality, environmental disasters, and unfair trade and migration which are evils and paradoxes of neoliberalism. Most of the policies that are currently followed are not sustainable for the wellbeing and future of humanity since evidence indicates that globalization has been responsible for major conflicts and wars. Economic order as an institution consist of the natural environment. Therefore, everything about humans cannot be considered as separate from the economic activities. Zoomers (2010) supports these claims by arguing t...