Globalization, the latest mode of production in the world system: How regional powers have intensified and expanded capitalism

Abstract

This article examines globalization as a mode of production, tracing it from the pre-capitalist mode in Africa and linking it to the capitalist mode and, finally, the globalization mode. It is intensified and directed by the USA and the European Union through global foreign direct investment, treaties, conventions, and other initiatives by the European Union. It concludes that Asia, free from civil strife for five decades (unlike Africa), and with less stranglehold by capitalism and implementing progressive policies, has fared much better.