Abstract

A major aspect of economic globalization is the combination of free trade and free movement of capital. This apparently 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 internationalization 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.