Charlie Rogers, Manager, Bachelor of Management Studies (BMS), Lexington, Kentucky
Answered May 19, 2020
The words globalization and capitalism are two terms that are used when making some description of the economy. Though globalization is a term that tends to have many definitions, capitalism has its own specific definition. The word globalization started to emerge in the 1930s, and through some human experiences, the word is closely identified with education.
Economists and social scientists admitted this term in the 1960s. The United Nations, however, has streamlined the definition of the term globalization to be based on free trade in the economy. Free trade is encouraged in this present world as a result of the collaborative growth between globalization and modern technology.
On the other hand, capitalism is specifically defined as a system whereby private bodies are in charge of economic production and distribution for the aim of making profits. An ideology behind capitalism claims that the government does not need to be in control over markets.