Paper Summary:

The paper outlines the idea of a free and liberalized market and explains the basic scheme of capitalism, which is the meeting of supply and demand on the market. The paper discusses how international service and supply chains are now global and companies can use the free market and the available global opportunities to get their products to their customers at higher efficiency rates, which eventually translates into better profitability rates. The paper further discusses that although globalization helps organizations get increased access to capital, labor force and technologies, it is also blamed for widening the income gap and granting far too much power to corporations.

From the Paper:

"In order to address the implications of international service and supply chains in a capitalist global framework, one first needs to first briefly refer to the concept of global capitalism and its implications. The free market approach, in which the forces of the market work together as an invisible hand to regulate the interaction between the economic actors, using instruments such as competition and price formation, has been enriched in the last decades with the idea of globalization. Foremost, the idea of a free and liberalized market, associated with the invisible hand, is the primary argument in defense of globalization. This concept is rather modern and it is an umbrella term to reveal major changes occurring at all levels of life, including economics, politics, technological and even socio-cultural. However it is generally promoted as a source for further growth and development, disclaimers of the phenomenon state that it widens the income gap, creates poverty and even generates violent manifestations."

Sample of Sources Used:

• Maitra, P., 1997, Globalization of Capitalism, Agriculture and the Negation of Nation States, International Journal of Social Economics, Vol. 24, Issues 1/2/3, pp. 237 - 254, MCB UP Ltd.
• Mehmet, O., 1996, On Globalization and Capitalization, Managerial Finance, Vol. 22, Issues 5, pp. 31 - 40, Barmarick Publications
• May 2, 2002, Globalisation under Scrutiny, The Economist
• September 27, 2008, Globalisation and Its Critics, The Economist

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