Transnational Capitalism

The United States is the world’s epicentre of capitalism, with its influence extending across the globe. The Transnational Capitalist Class, a global elite of wealthy capitalists, is bound together by free market capitalism and the pursuit of wealth and power. This new world order is increasingly eroding the legacy of the Age of Enlightenment, which formed the basis of the French and American Revolutions, and the Declaration of Independence and Bill of Rights.

The elite now meet at conferences such as the World Economic Forum in Davos and the Bilderberg Group, and share experiences of the same 5-star hotels, private jets and restaurants. They are forming a global community, with allegiances beyond the borders of their nation-states of origin. Chrystia Freeland has described them as a “transglobal community of peers”, with more in common with each other than their own countrymen. The rise of the Transnational Capitalist Class is transforming the world order, and the implications for democracy are yet to be seen.

The global elite’s federation of convenience is a lingering problem for the lower classes in America, as evidenced by the U.S.-based CEO of one of the world’s largest hedge funds. In a recent internal debate, the CEO said his senior colleague argued that the hollowing-out of the American middle class didn’t really matter, as long as four people in China and India were lifted out of poverty and into the middle class. This attitude is reflected in today’s right-wing politics, which seeks to strip the federal government of public welfare services, privatize governmental assets, and undercut benefits to society. Similar policies are being implemented in Greece, Spain, and Portugal by the EU. 

The global ruling class views the masses of people with disdain and contempt, believing that only those with personal merit can rise to wealth and power. This small group of people control the levers of the trans-national state apparatus, and their decisions have far-reaching implications. The capitalist class has been known to wait out protestors in the streets, as they temporarily reside in one of their homes elsewhere. 

Market capitalism has created wealth, but if it continues to function as it has in the past, it could lead to a violent ride or a serious breakdown of the system. The complexity of the financial world is a major source of the problem, and Sir John Templeton predicted “Financial Chaos” before his death. The early stages of this phenomenon have already appeared, and historians may one day earmark the summer of 2007 as the start of the Age of Financial Calamity.

The expansion of transnational capital has enabled the upper classes to shift the balance of power worldwide in their favour, leading to a dramatic increase in the number of people marginalized and locked out of productive participation. This has been further exacerbated by the Patriot Act and the National Defense Authorization Act, both of which have undermined the civil rights of U.S. citizens. The global corporations on the Dow Jones Industrial Average are taking advantage of this situation, seeking out the cheapest labor and weakest regulations. It is likely that, as transnational capitalism continues to expand, the lower classes in America will experience a further decrease in their quality of life.

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