Capitalism: Development Pathway or Dependency System?
Capitalism: Development Pathway or Dependency System? Capitalism, as an economic system, has become the dominant model shaping global production, trade, and finance. Rooted in private property, market exchange, competition, and profit motives, capitalism has generated unprecedented technological innovation, wealth creation, and economic mobility. At the same time, it has produced stark inequalities, structural vulnerabilities, and patterns of dependency that disproportionately affect developing nations. For developing countries, the critical question is whether capitalism represents a pathway to autonomous development or a mechanism that entrenches dependency . The answer is complex and depends on historical context, the design of national policies, global economic structures, and the interplay between domestic capabilities and external pressures. 1. Capitalism as a Development Pathway Capitalism has historically been associated with rapid economic growth. Its core mechan...