THE ROLE OF FINANCIAL CAPITAL IN THE PROCESSES OF ECONOMIC GLOBALIZATION (Rola kapitalu finansowego w procesach ekonomicznej globalizacji)
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Finance capital was established only 100 years ago, but already provoked a very profound changes in the international division of labor between the Center and the Periphery of the world economy. These changes had been generated by large transnational corporations. During last century, developing countries - involved in redeployment processes - adopted a lot of branches and technologies from high developed countries. However, the global financial markets are still controlled by financial companies, whose head offices are located in the most advanced countries of the world. This has created a new kind of financial dependence. Countries belonging to the group called emerging markets become subordinated to the decisions of investors from countries with mature financial markets. Consequently, Peripheral countries have become more sensitive to the turmoil in global markets caused by the crisis or recession in the Center.
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