Abstract

A major aspect of economic globalization is the com- bination of free trade and free movement of capital. This appar- ently signifies a return to an international regime similar to that existing before World War I, the period generally characterized as imperialism. But globalization is not just a repetition of this previous period of capitalism. Important changes have taken place in the functioning of the world economy, most importantly increased cross-border links among capitals and international- ization of capital. There are, moreover, essential differences in the mechanisms of imperialist domination, which is expressed today mainly in economic and hardly in military rivalry between the main powers.

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