Capitalist Globalization and Economic and Monetary Union

Usually, the notion of globalization put forward by the majority of both popular and academic publications emphasizes three aspects. First, there is the economic dimension — that is, the further internationalization of capital within which the multinationals play a predominant role. In this view, not only national capitals but even nation-states are no match for global capital, which is often seen only in its financial form. Secondly, there is the political dimension — that is, the epochal victory of capitalism over so-called communism. This makes it possible for capital to penetrate territories from which it had been excluded from the Bolshevik revolution until 1989. For capitalism’s apologists this will make it possible for democracy to be spread to all four corners of the world. It is, of course, a specific type of democracy, that which is functional for the development of capitalism, to which they refer. Finally, there is the technological dimension — that is, the new technologies will not only foster further capital internationalization but will also radically change our daily life. The two examples most commonly mentioned are the computer and information technology (IT). These technologies will put an end to human labour (and thus to the working class) thus allowing men (and women?) to become the arbiters of their own destiny.