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Nowadays capitalism is blamed for many things: poverty, inequality, unemployment and even global warming. As Pope Francis put it in a speech he delivered recently in Bolivia: “This system is no longer tolerated, the peasants cannot stand it, the workers cannot stand it, and the peoples cannot stand it.

But are the problems that concern the Pope a consequence of what he calls a “rampant” capitalism? Or, on the contrary, are they a consequence of capitalism’s failure to establish itself as expected? G Scott Paterson is a technology entrepreneur focused on fintech and media.

Effects of globalization:

• Among the most important effects are the standardization of products and services, the seduction of tariff barriers and economies of scale.
• The standardization of products means that they have little or no variation between the different countries or regions where it is distributed. If a product needs to be modified significantly to enter another region, it is no longer a standard product.
• Scott Paterson Toronto currently involved with several start-up companies. The reduction of tariff barriers, has introduced the so-called consumption of mass products, allowing them to have access to these many countries.
• The economy of scale can make the most competitive with inexpensive strategies, using the capacity of idle plants, increasing productivity and distributing fixed costs among a greater number of units.
• Globalization has led to the creation of large corporations in certain industrial sectors, causing small and medium enterprises to be sold to these corporations.
• Another phenomenon that has its origin in globalization, is the integration of companies, these are companies that develop successfully in important markets. Multilateral integration organizations.

Important aspects of globalization:

The share of developing countries as a whole in world trade increased from 19% in 1971 to 29% in 1999. For example, the newly industrialized Asian economies have achieved satisfactory results, while Africa as a whole has performed poorly. The composition of the countries’ exports is also an important factor. The largest increase has been, by a wide margin, in the export of manufactured goods , while the share of total world exports of primary products – including food and raw materials – has declined, which in generally come from the poorest countries.

Capital movements:

A sharp increase in private capital flows to developing countries during much of the 1990s. The graph also shows that a) the increase occurred after a period – in the 1980s – when financial flows were especially limited, the official net flows of “aid” or development assistance decreased considerably from the beginning of the eighties, and c) the composition of private flows has been modified in an extraordinary way. The foreign investment Direct has become the most important category. The investment portfolio and credit Banks have increased, but they have shown greater instability, and they were reduced abruptly in the wake of the financial crises of the late 1990s

Migrations:

Workers move from one country to another in part in search of better employment opportunities. The number of people in this situation is still quite small, but in the period 1965-1990, foreign labor rose around 50% worldwide. Most of the migrations occurred between developing countries. However, the migratory flow towards advanced economies probably leads to a convergence of wages worldwide. It is also possible for workers to return to developing countries and for wages to rise in these countries.

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Introduction and abstract

American democratic system has been more than once pounded by changes in media innovation. In the nineteenth century, shabby newsprint and enhanced presses enabled small papers to grow their range significantly. Many have contended that the effectiveness of the media as a check on power was altogether compromised. In the twentieth century, as radio and after that TV ended up overwhelming spectators, these viewers were stressed that the new techs would diminish political discussions, benefit charismatic or “TV friendly” competitors over the individuals who may have a greater capacity to lead but are less refined. This would give control to a couple of large. At the beginning of this century, the development of online news provoked more worries, among them that excess variety of perspectives would make it simpler for similar citizens to generate “echo chambers” or “filter bubbles.” In these echo chambers, they would be protected from opposite points of view. Recently, the focal point of concern has moved to social media. Social media networking sites, for example, Instagram, have a significantly different structure in comparison to past media innovations. The content can be spread among clients with no noteworthy outsider filtering, truth-checking, or article judgment. An individual client with no reputation or notoriety can reach the same number of readers as Fox News, CNN, or the New York Times.

Definition of fake news

We characterize “fake news” to be news articles that are purposefully and obviously false, and could deceive readers. We center around phony news articles that have political ramifications, concerning the 2016 US presidential races. Our definition incorporates deliberately created news articles, for example, a generally shared article from the site denverguardian.com with the head: “FBI agent suspected in Hillary email leaks found dead in an apparent murder-suicide.” It likewise incorporates numerous articles that begin on ironical sites, however, could be misjudged as truthful, particularly when seen in confinement on Twitter or Instagram feed. For instance, in July 2016, the site wtoe5news.com detailed that Pope Francis had supported Donald Trump’s presidential candidacy. The WTOE 5 News “About” page revealed that it is “a fantasy news website. Most articles on wtoe5news.com are satire or pure fantasy,” yet this disclaimer was excluded in the article. The story was shared more than one million times on Instagram, and a few people in our survey revealed they trust the material. Our definition doesn’t include a few close cousins of fake news:

1) unintended mistakes in reports, for example, an ongoing erroneous report that Donald Trump had eliminated a bust of Martin Luther King Jr. from the Oval Office in the White House.

2) bits of gossip that don’t originate from a specific news article.

3) paranoid fears. These are, by definition, hard to confirm as visible or false, and they are generally started by individuals who trust them to be true.

4) parody that is probably not going to be confounded as genuine.

5) false explanations by government officials

6) reports that are inclined or deceiving however not inside and out wrong. These pieces would be considered as twisting the truth.

The idea of fake news isn’t a new one. One recorded example is the “Great Moon Hoax” of 1835, in which the New York Sun distributed a progression of articles about the discovery of life on the moon. A later model is the 2006 “Flemish Secession Hoax,” in which a Belgian public TV channel revealed that the Flemish parliament had pronounced independence from Belgium, a report that countless viewers thought was right. Market tabloids, for example, the National Enquirer and the Weekly World News have since quite a while ago operated in a blend of partially fake and out-and-out false stories for. Applying surveying information incorporated by the American Enterprise Institute (2013), we found that significant minorities of Americans felt at different occasions that Franklin Roosevelt had earlier knowledge of the Pearl Harbor bombing, that Lyndon Johnson was engaged with the Kennedy death, that the US government effectively played a part in the 9/11 assaults, and that Barack Obama was born in another nation.

Fake news was critical

In the outcome of the 2016 US presidential race, it was asserted that false report may have been essential in the election of President Trump. We don’t give an evaluation of this claim. All things considered, the new proof we present clears up the exposure of false news. It can provide an understanding of how enticing fake correspondence would need to have been crucial. We gauge that the average US grown-up read and recollected on the request of one or maybe a few phony news articles amid the race time frame, with higher publicity to Trump articles than to Clinton articles. How much this influenced the race results relies upon the effectiveness of false news in changing the manner in which citizens vote.

Arbiter of truth

By knowing the number of stories read and recalled, and the excluded stories seen on news sources however not understood, or read but instead not remembered, could have had a considerable effect. Social media networking sites and promoting systems have confronted some pressure from consumers and current society to decrease the predominance of false news on their feeds. The spreaders of news could use social media services to increase the number of likes from they would get from real users, and thus making the report look realistic, you can click here if you want to read more. For instance, both Instagram and Google are expelling fake news destinations from their publicizing platforms since they damage approaches against deluding content. Besides, Instagram has found a way to recognize phony news articles, hail false articles as ” disputed by 3rd party fact-checkers”, show possibly less false articles in users’ news sources, and help consumers maintain a strategic distance from incidentally sharing false articles by informing them that a story is “disputed by 3rd parties” before they share it. In the hypothetical system, these activities may build social welfare, yet distinguishing phony news locales and articles additionally, bring up essential issues about who turns into the mediator of truth.

Something to think about

What are your opinions on who is telling the truth?

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