Capitalism is developed in the European countries as a result of their 'laissez-faire' policy. The idea of global trade which was inherent in capitalism has now become universalized. Taking advantage of the idea of globalization, capitalism seems to be on a triumphant march. However, it is creating more opportunities for capitalist countries than the developing ones. In the name of assistance and cooperation, the industrially developed capitalist countries are exploiting the cheap labor available in poorer countries. The global strategy of development promises greater employment opportunities to the people of poor countries but at the same time it also promises high returns to capital. This actually paves the way for lasting poverty which enables the capitalists to continue to have a pool of cheap labor to draw from.

MCQ: 501

Practice

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