The Sociology Book

144

THE MODERN

WORLD-SYSTEM

IMMANUEL WALLERSTEIN (1930– )

nations continue to be the primary

beneficiaries of global commodity

chains and the products and

wealth that are created by

industrial capitalism.

The world economic system,

says Wallerstein, began to emerge

in the 16th century, as European

nations such as Britain, Spain, and

France exploited the resources of

conquered and colonized lands.

These unequal trade relationships

V

arious nations of the world

are interconnected by a

global system of economic

relationships that sees more-

developed nations exploiting the

natural resources and labor of

developing nations, according to US

sociologist Immanuel Wallerstein

in The Modern World-System

(1974). This “world-system” makes

it difficult for poor nations to

develop, and ensures that rich

Capitalism ignored

national borders in its

global search for profit.

As its wealth

and influence grew,

it developed an integrated

world-system based on

the logic of the market

and profit.

This system exploits

the natural resources and

labor of poorer nations,

making it hard for

them to develop.

Nations benefit unequally

from the modern world

economic system.

IN CONTEXT

FOCUS

World-system theory

KEY DATES

16th century The foundations

for global capitalism are laid

as European powers “discover”

and colonize parts of the

Americas and Asia.

1750 The Industrial Revolution

begins in Great Britain.

1815–1914 New industries

and social and economic

transformations spread

to Europe, North America,

Japan, and parts of

Australasia—countries in

these regions form the “core” of

the modern economic system.

1867 Karl Marx publishes the

first volume of Das Kapital,

highlighting the exploitative

tendencies of capitalism.

From the 20th century

Global trade develops, with

new states, including former

colonies, integrating into the

“system” of global capitalism.