Publication Type: Globalization and Transnational Capitalism in Asia and Oceania
Author(s): Peetz, D. & Murray, G.
The corporation under capitalism has been described as an® externalizing machine (Bakan,
2004). Since the industrial revolution, profits have relied upon not only the ability to extract
surplus value but also the ability to internalize benefits while externalizing at least part of the
costs of production. That is, others, including nature, have borne some costs of the
production process. Poisoned rivers, ill and injured workers, and toxic wastelands are
examples of the ways in which costs have been externalized. Nature is treated as if it were …