Question

How does the uneven geographical development of capitalism, as the historically and currently dominant economic system, positively and negatively affect the social, political and economic well being of countries and citizens at local, regional and global scales?

Answer 1

Capitalism made a new form of development in the whole world. This shows that the economy can develop without proper government intervention. The private participation in economic activities can help to attain higher level of profit with higher development and growth. US economy is considered as the most famous economy that followed the capitalist principles for development. But this economic system was unevenly followed by the countries in the world. This creates inequality among the countries in case of development. This uneven practices leads rich country remains rich and poorer remains poor. There is a hegemony of US economy over the international trade can be seen after the economic reforms in 1990s. Thus the third world countries remain only in the section of developing countries and not upgraded t developed ones.
This uneven practice of capitalism affect socially, politically and economically over the nations. Higher level of private participation affects the small and medium firms in the economy. The remote areas do not get any kind of development and growth. On the one hand, this capitalism made higher development in the economies but if will not promote any kind of welfare programmes. The total wealth of nations was stored in some hands of the economy. This leads to inequality in the economy and leads to under developed condition of the countries. There is a massive migration occurred towards urban areas and other developed places for better standard of living and life styles. This capitalist principles shattered the social structure of the economy also.