There is a geographical basis to the movement of, accumulation of, and control of capital, yes, which is part of why we talk about Western capital. But we also have to remember that this capital is flowing to every corner of the globe, and just as it transforms the places that it sets down in, those places influence and transform those capital flows too, and their effects reach back outward onto the global stage. For example, Russia is often considered apart from the West, but the history of the Russian empire plays a huge part in the development of Western civilization. And to move further east, the profound influence of the history of Chinese civilization on the rest of the world is undeniable.
Of course, these effects intensify as global trade and interconnection advances and deepens. There was a time in which there were large geographical regions that were pretty effectively isolated for long periods of time, and we have accounts of independent cultural and technological developments in various times and places, as far as our knowledge allows anyway.
All this is to say that "Western capital" and other such terms are heavily loaded and we should treat them as such.
