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Geographical division of labor
- Wallerstein's modern world-system is specifically a capitalist world economy with capitalism defined as "the endless accumulation of capital" (Wallerstein 2004, p. 24). Using a metaphor that recalls the theories of Scottish economist Adam Smith (1723–1790), Wallerstein defines the world-system as a geographical division of labor.
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Dec 8, 2020 · The modern world-system. Wallerstein (1974) laid out his basic argument in the first of four volumes on the modern world-system as he defined it. Its focus was on capitalist agriculture and the emergence of the European world-economy in the sixteenth century.
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In it, he argues that the modern world system is distinguished from empires by its reliance on economic control of the world order by a dominating capitalist center in systemic economic and political relation to peripheral and semi-peripheral world areas.
According to Wallerstein, the unique qualities of the modern world system include its capitalistic nature, its truly global nature, and the fact that it is a world economy that has not become politically unified into a world empire.
At the dawn of the twenty-first century, Wallerstein observes that the modern world-system is in crisis, which he defines as difficulties that cannot be resolved. Several factors contribute to this crisis.
Nov 9, 2023 · The world systems theory was proposed by the American sociologist Immanuel Wallerstein in the 1970s as an alternative to the then popular modernization hypothesis, which Wallerstein criticized on three grounds: It was built using only the nation-state as the unit of analysis.
In World-Systems Analysis, Immanuel Wallerstein provides a concise and accessible introduction to the comprehensive approach that he pioneered thirty years ago to understanding the history and development of the modern world.
Nov 26, 2019 · The modern world-system is a self-contained entity based on a geographically differentiated division of labor and bound together by a world market. In Wallerstein’s version capitalism had become predominant in Europe and its peripheries in the long 16th century and had expanded and deepened in waves.
