International and Public Relations

Impacts of Global Capitalism in England

England is a country that is a part of the United Kingdom of Northern Ireland and
Great Britain. Its geographical limits are shared with Wales to the west, Scotland to the north,
and the rest of the United Kingdom, as well as the rest of the world. Although they are
geographically separated, the Irish Sea is situated northwest of England and the Celtic Sea is
located southwest of England. In addition, the North Sea divides England from continental
Europe to the east, as previously stated. The English Channel, which divides England from
continental Europe to the south, is the world's busiest shipping channel. A total of more than
100 smaller islands are found in this county, which comprises five-eighths (58%) of the
island of Great Britain in the North Atlantic and features major tourist attractions such as
Cornwall, Devon, and the Isle of Wight. Cornwall is the county seat (French, 2015).
Approximately 40,000 years ago, during the Upper Paleolithic era, it is believed that modern
humans first arrived in the region that is now known as England.

England, on the other hand, draws its name from the Angles, a Germanic tribe who
conquered the country from the Anglia peninsula and resided in the region between the 5th
and 6th century. Since the beginning of the Age of Discovery in the 15th century, when
England became a unified state, the nation has had a significant cultural and legal influence
on the rest of the world, particularly in the Middle East and North Africa. Because the nation
was founded in England, it is based on the English language, the Anglican Church, and
English legal systems. Moreover, it served as the basis for the standard law legal systems of
many other nations across the world. (Casson & Casson, 2020). In addition, other countries
have extensively copied England's parliamentary style of governance. During the 18th
century, England's civilization underwent a transformation that resulted in the country being
the first industrialized nation.

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Capitalism in England

Capitalism has become so familiar to us in England – and across the rest of the
Western world – that we no longer seriously examine it. Production of products and services
is determined by supply and demand in the general market rather than central planning; this
has been the case for hundreds of years already (Casson & Casson, 2020). Since the 16th
century, the market economy in England has been defined by private ownership of the means
of production, which corresponds to the contemporary notion of capitalist production. But
there were predecessors to capitalism in earlier periods, and there were thriving areas of
capitalism throughout the later Middle Ages, particularly in Europe (Yingjun, 2011).
Beginning in the 18th century, as the Industrial Revolution flourished and the factory system
expanded, the focus of capitalist expansion shifted away from commerce and toward industry
in the United Kingdom.

During the late eighteenth century, economist and philosopher Adam Smith advocated
for the free play of self-regulating market forces in economic choices. His principles were
gradually implemented across Europe. It was not until World War I that the new class of
industrial workers in the nineteenth century began to raise concerns about the expansion of
capitalism in England. International markets began to contract, leading to the abandonment of
the gold standard in 1971 (French, 2015). Beginning in the 1930s, when the Great Depression
ended the policy of non-interference by the state in economic affairs, capitalism developed
with only a minimal level of official involvement.

In recent generations, capitalism has struggled to keep up with its critics, becoming
more vocal. A revived interest in socialism has risen due to the global financial crisis of
2007-09 and the Great Recession that followed it, particularly among younger people
(Žmolek, 2013). This has occurred when worries about climate change and social injustice

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are becoming more vocal. In England, as capitalism developed, the power dynamic altered.
Earlier this year, the British Academy issued Principles for Purposeful Business, a study on
the corporation's future that examines the function of contemporary business in society. It
concludes that England is displaying a "particularly severe version of capitalism (French,
2015). The majority of ownership in England now is held by many institutional investors,
none of whom possess a substantial controlling stake in ou


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