Increased unemployment, decline in real wage remunerations, and informalization are observed today as the common trait of global labour force across both the developed and the less-developed economies in general. Globalization is often portrayed as a natural and unavoidable phenomenon describing rapid technological advances and integration of economic, social and cultural values across the globe. The author argues in this paper that this seemingly neutral definition actually disguises the true aim of the neoliberal ideology which seeks to consolidate capital’s supremacy over labour across the globe. As the direct and unmasked ideology of the neoliberal school, the term globalization is further analyzed in the context of the strategic interests of the transnational corporations and of international finance capital. The paper also addresses the concept of development strategy under the era of globalized capital.

March 10, 2007.