Marx on the Global Reach of Capital
In this chapter, the term “globalization” refers to the globalization of capital, where “capital” signifies the capitalist relation of production characterized by the separation of the immediate producers from the means of production, resulting in the existence of wage and salary earners on the one side and the owners of the means of production-capitalists-on the opposite side. Capital’s globalization means the existence and movement of capital with the whole world as its theatre of operation. The term “globalization” does not appear in Marx’s work. Instead, he speaks of a “world market.” “World market,” along with “external trade,” figure among the unrealized parts of Marx’s economic project. Nevertheless, Marx returns many times to both “world market” and the closely connected “external trade” as the two key categories for investigating what he calls the “economic law of motion of modern society” (1996: 10). Though globalization involves many different aspects of people’s lives across the globe-economic, political, cultural, environmental, etc., it is the economic aspect which is the most glaring and directly affects people’s daily life. The text that follows is, indeed, basically concerned with the economic aspect of globalization, mainly at a theoretical level.
- Brewer, A. (1980). Marxist theories of imperialism. London: Routledge and Kegan Paul.Google Scholar
- Emmanuel, A. (1972). Unequal exchange: A study of the imperialism of trade. New York: Monthly Review Press.Google Scholar
- Kindleberger, C. P. (1996). Manias, panics and crashes. New York: John Wiley.Google Scholar
- Marx, K. (1965d). Le capital. In Karl Marx. Oeuvres: Économie (Vol. 1). Paris: Gallimard.Google Scholar
- Marx, K. (1986). Economic manuscripts of 1857–58. MECW 28. New York: International Publishers.Google Scholar
- Marx, K. (1989b). Critique of political economy (Manuscript 1861–63). MECW 32. New York: International Publishers.Google Scholar
- Marx, K. (1996). Capital, volume I. MECW 35. New York: International Publishers.Google Scholar
- Marx, K. (1997). Capital, volume II. MECW 36. New York: International Publishers.Google Scholar
- Marx, K. (1998b). Capital, volume III. MECW 37. New York: International Publishers.Google Scholar
- Stiglitz, J. E. (2003). Globalization and its discontents (1st ed.). New York: WW Norton.Google Scholar
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 2.5 International License (http://creativecommons.org/licenses/by-nc/2.5/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.
The images or other third party material in this chapter are included in the chapter's Creative Commons license, unless indicated otherwise in a credit line to the material. If material is not included in the chapter's Creative Commons license and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder.