On Globalization and Capitalization

The last two centuries, roughly from the publication of Adam Smith's The Wealth of Nations, have witnessed a remarkable process of globalization of Western capitalism. The principal institutions facilitating this process were originally the chartered companies and, in the more recent times, the multinational corporations headquartered in the West. Search for global profits has always been the driving force behind this globalization. But the deeper inner logic of this process is capitalization on a world‐scale.