International Movement of Capital and Labor
Abstract:This chapter is an attempt to correct the persistent misconception of the historical continuum of globalization. It therefore historicizes the internationalization of capital and labor. It concludes that in the present phase of globalization, skilled labor moves from the developing world to the developed countries, while capital flows within the developed economies almost to the exclusion of the developing world in what Hoogvelt has described as capitalist “implosion” or “involution.” The result has been the paradox of a dichotomy in a globalized world, the development/underdevelopment dichotomy or the north/south divide.
Document Type: Research Article
Publication date: January 1, 2009