The Inconvenient Truth —

Designed Winners and Losers of the Global Capitalism

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There is no surprise that the concept of winner and loser is so taken for granted and well- accepted by the world when we talk about capitalism. However, winner and loser is in fact not so clear- cut in our globalized world of the rich and the poor, or the strong and the weak, it is much more complicated than that. In the contemporary globalized, capitalized world, it is impossible for us to analyze or to examine the world by only focusing on the local or domestic level but to put the situation on the scrutiny of international scale. With the setup of more and more transnational corporations all over the world and the increasingly emerged global financial market, the interdependence between countries to countries, and corporations to corporations reach its peak. Under this changing circumstance during the last two decades, winner and loser also experience an unprecedented change.

The concept of the rich, the winner, previously may just mean the capitalist class of the country who dominate the means of production. They occupied most of the resources of the country and maximizing their profits by utilizing and exploiting the full capacity of the working class and the favorable state’s policy. However, with the increasing number of transnational corporations, the local market has been overwhelmingly dominated by them and eliminated the room for survival of the local company. The former winner of domestic market has been replaced and kicked out by the transnational corporations and finally became the part of the losers’ world.

The concept of the middle class, who are used to be part of the winners, also being outcast in the present globalized financial world. In the past, middle class can gain their position in the society by their professions of accounting, medication, education, so on and so forth. However, with the changing of the global economic trend, means of production are now in fact in hands of the transnational corporation but no longer the country itself. Rising of housing price, decreasing of social mobility and the dropping of status quo makes the middle class facing the never- seen dangers in the society and struggling to make a living that they have never experienced before.

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With the emerging of transnational corporation domination in the global economy, not only the traditional working class remains the loser, but also the former stable middle class and the former winner of local businessmen. The most inconvenient truth of the designed losers in the contemporary global economy is undoubtedly but unspeakably the developing countries. By giving out their rich resources, their cheap land rent price and their extreme cheap labor in return of the never- ended vicious circle of indebtedness. The concept of winner and loser is based upon the inconvenient truth of unlimited and continuous exploitation to the losers. With the present situation, winner is being fewer and fewer who own almost the world while the losers are getting larger and larger in the world’s population who serves only the interests of the devils of the transnational capitalist class.

Han Chun Kit

References:

Joseph Stiglitz (2009) ‘The global crisis, social protection and jobs’ International Labour Review 148(1-2) pp. 1 – 13

Peter Burnham (2010) ‘Class, Capital and Crisis: A Return to Fundamentals’ Political Studies Review, Vol. 8, pp. 27-39.

Winham, G. R. ‘The Evolution of the Global Trade Regime’ Chapter 5 in John Ravenhill (2011) Global Political Economy pp. 137 – 172.

Vincent Ferraro, Melissa Rosser (1994). ‘Global Debt and Third World Development’, World Security: Challenges for a New Century pp. 332-355 (New York: St. Martin’s Press)

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