Myths on Globalization

Capitalism is usually referred to as a process of interaction and integration among the economies and people of the world through international trade and foreign investment with the aid of information technology.

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Globalization has done the best: the fastest growth, the lowest degree of inequality, and the highest degree of financial stability.

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Technology sets the outer boundary of globalization.

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Economic policy determines exactly how much globalization is achieved in what areas.

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The current stage of globalization is similar with the previous ones.

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Transnational corporations have influenced the shaping of global rules in a way that enhances their power.

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Globalization during the era of industrial capitalism has always enhanced dependence, inequality and exploitation, often to horrendous extremes.

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Universal basic income (UBI) has a uniform version where it puts emphasis on maximizing collective identity and solidarity rather than individual freedom.

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Currently, there is little evidence that the effects of globalization are beyond the norm.

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The rise of industrial state capitalism has changed the scale and character of globalization, and there have been further changes along the way as the global economy has been reshaped by those whom Adam Smith called “the masters of mankind,” pursuing their “vile maxim”: “All for ourselves, and nothing for other people.”

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