by Abdul Rahman S. Magba-Kamara

Created on: January 16, 2007   Last Updated: April 19, 2007

Challenges and Backlash of Globalization and Global Finance Capitalism

Globalization and Global Finance Capitalism has fostered a flowering of both wealth and technological innovation the like of which the world has never known1. This sort of rapid economic, social and cultural mores has challenged traditional business practices, social structures, and cultural mores and environments and as a result has generated a substantial backlash in both the developed and underdeveloped nations. It seems the more markets generate both capital and economic growth for the forces driving globalization and global finance capitalism the more widespread and diverse the disruption. The purpose of this paper is to examine the trajectories of globalization and global finance capitalism, the trends and processes that are alleged to constitute it, and to find out about the challenges and backlash of globalization and global finance capitalism from the perspective of three major sources. In conclusion I shall endeavor to give a critical but objective analysis of globalization and global finance capitalism.

Globalization and global finance capitalism has transformed the globe into a massive economic, social and cultural change over the last two decades. The words globalization and global finance capitalism connotes ideas of laissez-faire on a global scale made up of millions of investors moving money around the world with a click of a mouse. This concept of globalization and global finance capitalism is the heaviest ideological albatross on a global scale the world has experienced. In Promises Not Kept, John Isbister sketched an historical oriented analysis of capitalist economic trends both short-term and long-term in the colonies occupied by European imperialism. He injected the long- structural features of the world economy during western European imperialism and capital accumulation. His assertion was that the recent explosion of awareness of transnational, international and global finance and processes is set up in the historical perspective of the last 600 years of the emergence of capitalist inter-societal system in Europe and its Imperialistic expansionism by colonialism, was able to spread capitalism to the whole globe.2 With similar historical approach, Thomas Friedman in The Lexus and the Olive Tree sketched a similar historical analysis of globalization and global finance capitalism with a parallel distinction.

He divided his historical analysis into two distinctive eras.

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