Modern capitalism has become a dominant economic and social system since its beginning in the late 18th century. It has not only created wealth but also raised the standards of living of many people. It has rationalized the economic life of the world and religion. Moreover, modern capitalism has promoted the belief in the rule of law and rational resolution of disputes thus influencing the performance of many institutions.Important to note also is its impact on the labor force. It has led to a more specialized and mobile labor force that promotes investment and wealth creation for sustainable physical and spiritual efforts. Due to the collective identity of capitalism, it has united religions that were initially separated from each other through collective self-representation of their values and emphasize social solidarity for the benefit of economic development.Capitalism has also had some negative impacts as well. For instance, it has given rise to social class that perpetuates discrimination based on social status. The religious groups have also devoted more of their energies promoting capitalistic ideas at the expense of their ideals and faith beliefs. Globalism can be defined as a policy concept that places the interests of the entire world above those of individual nations. At its core, it seeks to address the issues of the world defined by multiple networks of connections across the continents thus trying to understand all these interconnections of the modern world and explain patterns that underlie them.
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