Immanuel Wallerstein Theory

Discuss and critically evaluate Immanuel Wallerstein’s theory

With the current economic climate on the jurisdiction of the present system, many question have been raised on the basis of how successful has this ‘contemporary’ system been proven and of its role in the current economical struggle the world is going through. World System theory of Immanuel Wallerstein’s, a theory based on neo-marxism movement which has been published on 1970’s, is being significantly reconsidered lately. While this theory always remained a major ‘criticizing’ block of capitalism, recent reconsideration has taken place on the back of economical struggle Immanuel Wallerstein foresaw forty years ago. Hence, this theory tends to provide us with a valuable perspective supported with arguments in the scope of how capitalism is structured and how does it function. Moreover, this paper’s purpose is to give insights of World System theory and present its arguments on how does it relate the current economic situation with the capitalist system in charge.

To begin with, we need to present the basic ideology World-system is based upon. It is argued that it is structured upon the Marxism thought interpreting the inter-state relations in terms of economical benefits. Though, while Marx argues the inter-relations among social classes and between social classes and the state, World-system theory grasps a broader approach structuring the unequal exchange relation amid geographical areas on basis of unfair division of labor. In addition, the theory contends on three different geographical areas: core, periphery and semi-periphery (Cook, 2011). However, before engaging deeper in those main categories the theory is structured upon, it is important to unfold the transition between systems that occurred in Northwestern Europe according to Immanuel Wallerstein. Initially, his theory argues that between the years of 1150-1300 economic expansion occurred in margins of the feudal system. Yet, upcoming...