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Global capitalism is the fourth and current epoch of capitalism. What distinguishes it
from earlier epochs of mercantile capitalism, classical capitalism, and national-
corporate capitalism is that the system, which was previously administered by and
within nations, now transcends nations, and thus is transnational, or global, in scope.
In its global form, all aspects of the system, including production, accumulation,
class relations, and governance, have been disembedded from the nation and
reorganized in a globally integrated way that increases the freedom and flexibility
with which corporations and financial institutions operate.
In his book Latin America and Global Capitalism, sociologist William I. Robinson
explains that todays global capitalist economy is the result of ...worldwide market
liberalization and the construction of a new legal and regulatory superstructure for
the global economy... and the internal restructuring and global integration of each
national economy. The combination of the two is intended to create a liberal world
order, an open global economy, and a global policy regime that breaks down all
national barriers to the free movement of transnational capital between borders and
the free operation of capital within borders in the search for new productive outlets
for excess accumulated capital.
The process of globalizing the economy began in the mid-twentieth century. Today,
global capitalism is defined by the following five characteristics.
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highly flexible, and thus very different from epochs past. Because
corporations are no longer limited to producing within their home
countries, they now, whether directly or indirectly through contractors,
employ people around the world in all aspects of production and
distribution. In this context, labor is flexible in that a corporation can
draw from an entire globes worth of workers, and can relocate
production to areas where labor is cheaper or more highly skilled,
should it wish to.
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