Session 16: Socialism, The only way out.

In his article Immanuel Wallerstein talks about the divisions in the world which have took place through the course of our developmental history, staring in the 1600s. He says that the economic world has been divided into three categories on the basis of labor. First are those states which are at the core of this system, the most developed countries e.g America or GB before 1873. Then comes comes the countries at periphery which are being exploited by the core countries economically and politically. In between them there is a third category which are at semi-periphery e.g India and Brazil, who are constantly trying to seek the position at core of the system and enhance their might further ( economic and military) to match those already occupying the status of core states.
Wallerstein also describes the stages of development in his article. and says that this system's failure to render further development is inevitable. My thoughts regarding this matter are in congruence with the writers. The capitalist system accelerates the speed of development because of the its potential to give way to innovation, but one must keep in mind that innovation might not lead to prosperity every time. Furthermore, the capitalist system makes it easy for the bourgeoisie to exploit the proletariat, it makes the speedy development possible but the impact is restricted to the core or the metropolis only, the periphery continues to be used and misused.
In order to have a world system that is stable and durable, a system must be incorporated which is based on socialist laws. Because it enables the states to exercise their powers in such a way that neither undermines the basic needs and rights of its own citizens nor tries to exploit them or others in pursuit of rein less and hasty development.