Final answer:
Global capitalism involves an international division of labor, worldwide trade, and the dominant role of multinational corporations that operate without regard to national borders and concentrate wealth in core nations. Technological advancements have driven globalization, resulting in cultural and societal changes and raising concerns about the excessive power of multinational corporations and their impact on politics, workers, and the environment in developing nations.
Step-by-step explanation:
Different Aspects of Global Capitalism
The different aspects of global capitalism include an international division of labor, where workers from wealthy countries, or core nations, compete with a low-wage labor force from peripheral and semi-peripheral nations. Globalized trade is another aspect that, while not new, has exponentially increased due to technological advancements post-World War II and the Cold War.
Multinational corporations play a significant role in global capitalism. They often control a sizable portion of capital from multiple nations and operate beyond national borders. These corporations tend to concentrate wealth in core nations and amongst the wealthy while playing a pivotal role in the global economy. Critics argue that this can lead to xenophobia as well as adverse impacts on politics, workers, and the environment in developing nations.
Economic activities, primarily driven by technological advancements, have led to cultural and societal changes worldwide. The global economy encourages the expansion of multinational corporations into new markets. However, there is concern that these companies wield excessive power, influencing political decisions to their benefit.
Concerns surrounding globalization include the vast power held by multinational corporations, the potential exploitation of developing countries for profit by developed nations, and the fear that globalization disproportionately advantages multinational corporations at the expense of political autonomy and the welfare of workers and the environment in less developed countries.