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Wallerstein (2011) Structural Crisis in the World-System : A system is defined as a unit with a single division of labor and multiple cultural systems Thesis:
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A system is defined as a unit with a single division of labor and multiple cultural systems
The history of the world system is skewed in favour of development that has created a capitalist trend that increases economic and social disparities between centre and peripheries of the world economy rather than provided prosperity for all.
How: Global hegemonies: Dutch, UK, USA
Why: structural crisis : Chaos and seeking for an equilibrium and stability
Systemic economic and political upturns and downturns – comes back to moving equilibrium
When monopoly declines ( i.e., downturn in the economic system) , the quasi-monopoly is exhausted ending in a system-wide stagnation .
1945-1967/73 : Conservatives systematically started to change the world-system ‘s characteristics and its direction
1945-1970 was one of great economic expansion based on production in the world-economy
“Globalization” replaced the previous buzzword “development… Washington Consensus…
Conservatives in the world move to reduce all the major costs of production
International Monetary Fund, backed by the U.S. Treasury, imposed adherence to neoliberal conditions as a condition of all financial assistance to countries with budgetary crises.
By the mid-1990s, a significant popular resistance to the Washington Consensus arose
The hegemon (e.g., U.S. in 20th C) , is able to impose its system of order and rules world wide
Thisfavors the maximization of accumulation of capital to enterprises located within its borders.
In 500 years of world history, three hegemons arose and fell:
Mid 17th C : (Dutch Republic) i.e., United Provinces
Mid 19th C: the United Kingdom
Mid 20th C United States
Hegemonies have lasted, on average, only twenty-five years.
Increases in the living standards of segments of the populations in BRIC countries due to their share of the surplus value in the global economy,