Examination of the Cultural Impacts (Both Positive and Negative) of Implementing Capitalist Systems in Developing Countries

Abstract

The central objective of this study is an examination of the cul- tural effects (both positive and negative) of capitalist systems of production in the context of developing countries. To accomplish this objective, the study was guided by the following two research questions: 1) what is the definition of a capitalist system of pro- duction and how has the process of globalization promoted it? and 2) what are the cultural effects (positive and negative) of the capitalist mode of production being implemented in developing countries. Uncovering answers to these questions entailed the use of secondary data collected through East Central University’s Lin- scheid Library, Google Scholar, and texts such as How Europe Underdeveloped Africa by Walter Rodney and Global Politics by Andrew Heywood.

The results of this study confirm that there are some positive im- pacts of capitalism and globalization in the developing world. The positive effects/impacts include free trade, the creation of non-gov- ernmental and intergovernmental organizations, the spread of de- mocracy, global connectivity, and the minimization of wealth dis- parities. Conversely, the negative impacts are greater wealth and income inequalities and underdevelopment, a flattening world and borderless societies, disease and uncontrollable pandemics, cul- tural issues and divisions of tribes, and capitalism’s roots in slavery as well as racial capitalism. Overall, based on these findings, it is important to note that the negative impacts greatly outweigh the positives. An important policy suggestion made in the study is that the capitalist system of production ought to be highly regulated, especially in countries that do not have a strong system of checks and balances against economic exploitation.