The 21st-century world is said to be the age of globalization because of increased interaction, integration, and interdependency among people, governments, and cross-border economic transactions. Scientific and technological developments have reshaped the contemporary world into a global village. The creation of international institutions such as the United Nations, the World Trade Organization, the World Bank, the International Monetary Fund, the European Union, and several other multilateral frameworks has gathered nation-states on a single platform. Where this socio-political integration has enhanced international cooperation and technological innovation, there the neoliberal economic model of global order has also concentrated a large share of wealth in multinational corporations and high-income economies.

The Statistics of Burgeoning Global Inequality

The latest report on “World Inequality” published by the World Inequality Lab reveals that the top 10% own 75% of global wealth, and only 2% of wealth is held by the bottom 50%. As for the disparity in global income, the report shows that the top 10% earn more than 50% of global income, while the bottom 50% earn less than 10%. These statistics, along with demonstrating the grim reality of prevailing disparity, also showcase the juxtaposition between capitalism and globalization.

Three Spheres in Which Globalization Operates

It is imperative to examine the multiple dimensions of globalization for understanding the nexus of capitalism-fueled globalization. Globalization works in three different spheres: political, cultural, and economic. Political globalization has encouraged world leaders to opt for diplomatic channels for conflict resolution; cultural globalization acts as a bridge for the exchange of social values; and economic globalization has promoted cross-border trade, removed trade barriers, increased the global flow of labor, and paved the way for technological innovations.

Shifting of the Global Assembly Lines to the Global South

One of the major contributors to global inequality is economic globalization, which has weaponized the free market system against the workforce. The abundance of raw materials, cheap labor, tax avoidance, and unchecked........

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