The Downward Spiral of our Globalising Reality: Critically Assessing the Current Financial Capitalist Structure from an Ecological and Socio-Political Perspective

Globalisation is encumbered by transnational driven finance capitalism. By positing the decoupling of globalisation from a financial capitalist framework, this article provides for the realization of cosmopolitan principles. An Activity Theory framework is adopted to illustrate how financial capitalism, under the guise of globalisation, results in structural and systemic changes that have predominantly negative outcomes, including the erosion of the welfare-state model. The outcomes of current globalisation are challenged along four interrelated conjectures: (1) An “Open Global Society” is inconceivable given widening inequality, (2) Sustainability is a false necessity to justify the erosion of the welfare-state, (3) The current integrated world economy maintains and preserves poverty, and, (4) Wealth remains centralised in core metropolitan and historically dominant cities. The conclusion provides potential alternatives, which focus on reverting from over conurbanisation, intraregional economic internalisation while concurrently promoting interregional dependence and cooperation to include even spread redistribution of Multinational Corporation production.