Contemporary Globalization and financial dominance:
Another aspect of contemporary globalization that leads to a significant thrift in global politics is the extent of inequality created by the dominating financial structures. Contemporary globalization has revolutionalized the money dealing process with the spread of trans-border currencies, digital cash, debit cards, credit cards, etc. It has completely reshaped the global banking practices with the rampant use of superaterriotorial deposits, loans, and branch networks and funds transfers. Securities have also gained a significant global dimension with the inception of international bonds, stocks, global portfolios’ and round the clock electronic trading around the globe. Supraterritorial trade and finance have disproportionately benefitted the western economies allowing them to gain power over other developing and developed economies. This has completely changed the global power paradigm and the unequally strong faction of this planet started practicing hegemony on the economically weak economies. Trans-border markets and superaterritorial market structures have contributed significantly towards the growing wealth gaps. Contemporary globalization has indeed contributed most towards the growth of economic and wealth inequality between different countries of the world which has led towards a power race in which all opponents want to gain as much economic power as they can but the winners are already decided, those who already dominate the global financial and economic structures. This view has been supported in the work of (Baylis, 2008; Smith, 2008; Owens, 2008, pp 519-525).