Answer:
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.
The process of globalizing the economy began in the mid-twentieth century. Today, global capitalism is defined by the following five characteristics:
Production of Goods.
The production of goods is global. Corporations can now disperse the production process around the world, so that components of products may be produced in a variety of places, final assembly done in another, none of which may be the country in which the business is incorporated.
Capital and Labor.
The relationship between capital and labor is global in scope, 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.
The Financial System.
The financial system and circuits of accumulation operate on a global level. Wealth held and traded by corporations and individuals is scattered around the world in a variety of places, which has made taxing wealth very difficult.
New Class of Capitalists.
There is now a transnational class of capitalists (owners of the means of production and high-level financiers and investors) whose shared interests shape the policies and practices of global production, trade, and finance.
Transnational State.
The policies of global production, trade, and finance are created and administered by a variety of institutions that, together, compose a transnational state. The epoch of global capitalism has ushered in a new global system of governance and authority that impacts what happens within nations and communities around the world.