Immanuel Wallerstein. Structural Crisis in the World- System excerpts. Global Economic System: Cyclical upturns and down turns and fluctuating Gets back regularly to equilibrium – moving equilibrium Trends of change slowly push the curve up . 2. Financial crisis leads to chaos
Structural Crisis in the World-System excerpts
Cyclical upturns and down turns and fluctuating
Gets back regularly to equilibrium – moving equilibrium
Trends of change slowly push the curve up
Appropriation of surplus value
Monopoly of global production with global linkages
Support of various states
Core has monopolized productivity and periphery gets the trickle down of these activities competitive productivity
The expansion of the world-economy and its growth lets the trickle-down benefits to large sectors of the world-system’s populations.
Countries where MNC industries relocate are not advancing in “development,” but are only recipients of cast-off, old core-like operations.
The entire cycle lasts an average of fifty to sixty years
System constantly slowly shifting to the economically most favored areas
All states within the world-system are theoretically sovereign but actually highly constrained by the processes of the interstate system.
Some states … have greater control over internal fragmentation and outside intrusion.
No state, nonetheless, is wholly sovereign.
To be a hegemonic power is to achieve a quasi-monopoly of geopolitical power
The state is able to impose its rules, its order, on the system as a whole
This favorsthe maximization of accumulation of capital to enterprises within its borders.
Any monopoly including a geopolitical power’s, is
When other states economically and politically improve do not accept the “leadership” of the former hegemonic power.
Hegemonic powers in 500 yrs of the modern world-system
Dutch Republic (United Provinces) in the mid 17th C
United Kingdom in the mid 19th C
United States in the mid 20th C
US started declining in hegemony
There were world revolutionary changes- 1966-1970
in all three major geopolitical zones of the world-system of the time: the “West”), the Socialist bloc, and the third world
The conservative right, led by the Reagan Republicans and the Thatcher Conservatives, transformed world discourse and political priorities.
“Globalization” replaced the earlier buzzword “development
Mrs. Thatcher coined the slogan, “There is no alternative” or TINA.
International Monetary Fund, backed by the U.S. Treasury, made neoliberalism as a condition of all financial assistance to countries with budgetary crises
Followed the primacy of the market
Increase in the living standards of BRIC countries (Brazil, Russia, India, China, and others)
“the spirit of Davos” “non-capitalist” but still retains three essential features of the present system: hierarchy, exploitation, and polarization
“the spirit of Porto Alegre: democratic and relatively egalitarian
Spirit of Davos wish to co-opt the proponents of transformation by fake signs of progress (such as “green capitalism” or “poverty reduction”).
Effort to create local and regional self-sufficiencies, especially in the basic elements of life such as food and shelter.
IV. Importance of the autonomies and end the existence of foreign military bases,
V. Affirm local autonomies and end the fundamental social inequalities of gender, race, ethnicity, religion, sexualities
VI. Avoid irrevocable climate change, vast pandemics, and nuclear war.