ONE WORLD, ONE POWER: THE RISE OF GLOBAL CAPITAL AND OUR SHARED FUTURE
This article offers an examination of the increasing power of global capital and its impact on the global economy, democracy, and social order. The world we live in today faces profound questions: Capital or democracy? Who controls the world economy? Where is a future constrained by debt leading us?
Today, global capital has become a force beyond political governments. Especially with major corporations shifting their money into offshore accounts in low-tax countries to avoid taxes, global economic balances are severely affected. According to 2022 data, the amount of hidden money registered in offshore havens has reached a staggering $8.9 trillion. Given that this figure only represents the disclosed portion, it is likely that the actual amount is even larger.
By avoiding taxes and failing to contribute to the growth of national economies and societal welfare, these corporations deepen political and economic inequalities. This situation negatively impacts not only economic growth but also social development. It is ironic that in an age where everything can be recorded thanks to technological advancements, such injustices can be numerically proven; however, there is a significant lack of global enforcement.
Another critical issue is global indebtedness. As of 2024, the total global debt has reached $315 trillion. This translates to an average debt of $39K per person. In other words, every child is born into debt before they even begin their life. What’s intriguing is identifying who the major creditors are. While the total wealth of large corporations that evade taxes in their own countries remains unknown, it is believed that a significant portion of global debt is financed by these very corporations.
GLOBAL CAPITAL MONARCHY: A NEW THREAT TO DEMOCRACY?
The growing power of global capital and the burden of debt are steering the world economy toward a challenging future. There are increasing signs that global capital, not political governments, will rule the world in the future. Perhaps they have already begun, and what we are experiencing today is the result of this governance. Shouldn’t we start talking about a "global capital monarchy"? Because if control over fundamental rights like justice, democracy, and freedom has shifted to global capital, it means that political governments have merely become representatives of global capital.
If global capital supports all the political parties that the majority of the population supports, it means that the winner is not societies, but global capital under all circumstances. The world is evolving into a single state with no national borders and a single global citizenship. While this might seem like a fair, democratic, and free world where everyone has equal rights, the real issue is that the rules of this "world state" will be set by global capital. This raises the question of whether world societies will have the freedom to plan and act together for the common good.
Recommendations for the Future:
To ensure our world can preserve the concepts of justice, democracy, and freedom, here are some recommendations:
Conclusion:
If we do not limit the influence of global capital and take measures to balance the relationships between societies, our world may become increasingly unjust and devoid of freedoms. The economic and political power of global capital casts a shadow over the will of the world's people, leading us down a path filled with uncertainties. It is essential for world governments to take global steps, such as creating a "One World, One Citizenship, One Humanity Working Council," to reverse this trajectory. Otherwise, a world without justice, democracy, and freedom may be waiting for us.
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