'The Rise and Future Demise of World Capitalist System: Concepts for Comparative Analysis’,

In ‘The Rise and Future Demise of World Capitalist System: Concepts for Comparative Analysis’, Immanuel Wallenstein presents the ‘World Systems’ theory where states are categorized as core, semi periphery and periphery according to their economic and productive capabilities..

At the top of the food chain are the core states, described as developed and industrialized states capable of both importing cheap raw materials from the periphery and semi periphery states as well as exporting expensive capital in the form of technology or expertise in return. The second tier is occupied by the semi periphery states; those that have managed to industrialize partially yet also continue to maintain an agricultural sector while the bottom rung is occupied by the labor intensive, agriculture based economies of the periphery states

Interestingly the periphery nations are aware that they are being exploited by the core nations but are powerless to change the state of affairs because the latter possess military power in addition to the desire of the periphery nations’ leaders to maintain the domestic status quo through ensuring they remain in power by complying with the demands of core nations, which in turn leads to maintenance of the international status quo. Wallenstein is also of the view that the three tiered arrangement is necessary in order to maintain stability in the world system, an argument that is harder to prove as compared to the first two of which countless examples can be found.  The author also daringly predicts the demise of capitalism by adapting Karl Marx’s theory regarding the eventual revolt within a state whereby the proletariat will overthrow the bourgeoisie, to the international system where the periphery states will ultimately rise against and break free of the oppression of the core states. Of course such a prediction cannot be wholly trusted or indeed dismissed given the patterns and cycles of history but perhaps it is not as problematic to predict the decease of capitalism despite the remarkable staying power, as it is to prophesize a socialist world system in it’s place, given the shortcomings the latter ideology has faced in practical application.