Terms and Definitions
Capitalist World-System
This definition of Wallerstein follows Dependency Theory, which intended to combine the developments of the different societies since the 16th century in different regions into one collective development. The main characteristic of Wallerstein's definition is the development of a global division of labour, including the existence of independent political units (in this case, states) at the same time. There is no political centre, compared to global empires like the Roman Empire; instead the capitalist world system is identified with the global market economy. It is divided into core, semi-periphery and periphery, and is ruled by the capitalist method of production. The ideal type of market is a free one.
Core/Periphery
Defines the difference between developed countries and developing countries, characterized e.g. by power or wealth. The core refers to developed countries, and the periphery is a synonym for the dependent developing countries. The main reason for the position of the developed countries is economic power.
Semi-periphery
Defines states that are located between core and periphery, they benefit from the periphery through unequal exchange relations. At the same time, the core benefits from the semi-periphery through unequal exchange relations.
Quasi-monopolies
Defines a kind of monopoly where there is more than one service provider for a particular good/service. Wallerstein claims that quasi-monopolies are self-liquidating because new sellers go into the market by exerting political pressure to open markets to competition.
Kondratieff Waves
Defines a cyclical tendency in the world's economy. It is also known as a supercycle. Wallerstein argues that global wars are tied to Kondratieff waves. According to him, global conflicts occur as the summer phase of a wave begins, this is when production of goods and services all around the world are on an upswing.
Read more about this topic: Immanuel Wallerstein
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