This is the fourth time in my two years of undergrad that I
have come across Immanuel Wallerstein and World Systems theory. Must be
something special. It is fairly simple;
world system refers to division of labour across the globe and divides them
into three categories: the core, the semi-periphery and the periphery. I have
it on my finger tips by now, having come across it so such so far in my
studies. But never have I studied Wallerstein’s actual work before coming
across this reading “The Rise and Future
Demise of the World Capitalist System: Concepts for Comparative Analysis.” So
it definitely caught my immediate attention.
Wallerstein talks about two types of world systems namely
world empires and world economies and how world economies have been the more
dominant. He traces the history of world systems from 15th century
onwards, describes various transformation of society from feudal to ultimately
capitalistic and the creation of cores, semi and periphery states and the
shifts of power between them. That is how this theory fits into International
relations. How some countries have lost their hegemony (Britain) and how others
have gained it (e.g. USA) and how certain states have moved into the semi
periphery from periphery (e.g. the Asian tigers, BRICs). Wallerstein’s use of a
socio-economic lens is definitely a very unique way to look at the changing
structures and conditions of the international system.
The last section of the piece is definitely the most thought
and debate provoking. Advancing Marx’s legacy Wallerstein predicts the demise
of the current capitalist system by destructing under the heavy weight of its
own contradictions. He projects the creation of a socialist world system which
he sees as neither least utopian nor imminent but rather the outcome of a long organic
struggle. He presents his predictions for the future in an admitted sinful and
hubris manner. His admission of his personal predictive boldness is
commendable. The failed experiments of socialism in world history would suggest
otherwise. But his assessment of the potential self destructive nature of
capitalist is very sound. However despite its contradictions, capitalism has
proven to be very adaptive and thus strongly resilient. So only time will be
the real judge of the accuracy of his prediction.
I always enjoy reading your blogs. You've given some really good examples too (asian Tigers, BRICS etc). Capitalism may be a self destructive as Wallerstein puts it, but there are multiple factors that come into play and such a prevalent school of thought cannot fail overnight.
ReplyDeleteGood post as usual.
ReplyDeleteI feel like almost every predication can be proven true if you just give it enough time. Wallerstein wrote this in the 1970s. Perhaps in the 2070s people will rediscover his work and be like, "See, Wallerstein was right!" It's likes Marx. He had very little influence in his own era, but then Lenin took his writing and put Marx at the center of the debate about what type of political/economic system a country should have. So will Wallerstein end up being right? I have no idea, but as you noted, capitalism has a strong resilience that will ensure its continued existence now and into the foreseeable future.