Contemporary economic systems of the world essay

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Contemporary economic systems of the world essay

Within contemporary sociology this tradition is very much alive in world-systems analysis, a perspective developed by Immanuel Wallerstein in the s.

Modern nation states are all part of the world-system of capitalism, and it is this world-system that Wallerstein seeks to understand. Wallerstein believes that there are only three basic types of social systems.

Hunting and gathering, pastoral, and simple horticultural societies are relatively self-contained economic units, producing all goods and services within the sociocultural system itself.

Contemporary economic systems of the world essay

The third type of social system, according to Wallerstein, is the world-economies. Unlike world-empires, the world-economies have no unified political system; nor is its dominance based on military power alone.

However, like a world-empire, a world-economy is based on the extraction of surplus from outlying districts to those who rule at the center. From the start, Wallerstein argues, capitalism has had a division of labor that encompassed several nation states.

The capitalist world-system began in Europe in about and under the spur of the accumulation of capital, expanded over the next few centuries to cover the entire globe. In the process of this expansion the capitalist world system has absorbed small mini-systems, world-empires, as well as competing world-economies.

The capitalist world-economy was created by establishing long-distance trade in goods and linking production processes worldwide, all of which allowed the significant accumulation of capital in Europe. But these economic relationships were not created in a vacuum.

The modern nation state was created in Europe along with capitalism to serve and to protect the interests of the capitalists.

What was in the interest of early European capitalists was the establishment of a world-economy based on an extremely unequal division of labor between European states and the rest of the system.

Also in the interest of early European capitalists was the establishment of strong European states that had the political and military power to enforce this inequality.

The Causes of the Economic Crisis, and Other Essays Before and After the Great Depression

For Wallerstein, the capitalist world-economy is a mechanism of surplus appropriation that is both subtle and efficient. It relies upon the creation of surplus through constantly expanding productivity.

It extracts this surplus for the benefit of the elite through the creation of profit. The capitalist world-system is based on a two-fold division of labor in which different classes and status groups are given differential access to resources within nation states; and the different nation states are given differential access to goods and services on the world market.

Both types of markets, those within and those between nation states, are very much distorted by power. Wallerstein divides the capitalist world-economy into three areas: Semi-peripheral Core states The peripheral areas are the least developed; they are exploited by the core for their cheap labor, raw materials, and agricultural production.

The semi-peripheral areas are somewhat intermediate, being both exploited by the core and take some role in the exploitation of the peripheral areas. In the recent past they have been expanding their manufacturing activities particularly in products that core nations no longer find very profitable.

The core states are in geographically advantaged areas of the world—Europe and North America. These core states promote capital accumulation internally through tax policy, government purchasing, sponsorship of research and development, financing infrastructural development such as sewers, roads, airports—all privately constructed but publically financedand maintaining social order to minimize class struggle.

Core states also promote capital accumulation in the world-economy itself.The growth of International Trade promotes globalization development significantly, which lead to the world economy system have a big change from bi-polar to tri-polar since (Wall, et al.

P4). Therefore, the balance in the world economy, the growth export is mainly in developing countries rather than developed countries. World Systems Theory by Carlos A. Martínez-Vela 1 1.

Contemporary economic systems of the world essay

The Approach time, into the fields of historical sociology and economic history. In addition, because of Other important influences in Wallerstein’s work, still present in contemporary world-system research, are Karl Polanyi and Joseph Schumpeter.

From the latter comes world-. Free essay sample on the given topic "Modern Means Of Transport". Written by academic experts with 10 years of experience. with modern means of transport, we can reach any part of the world at any time.

The first invention that transformed the transport industry was the steam engine that led to. Modern Means Of Transport (Essay Sample. Essay: Global risks reports by the World Economic Forum Look at how evolved the perception of economic, political, environmental global risks over the years in .

To learn more about the critical issues and challenges facing the world today, explore 11 Global Debates, a collections of essays celebrating 10 years of research by the Global Economy and. The world’s economic systems fall into one of four main categories: Traditional economy Capitalism economy Socialism economy Mixed economy.

However, there are unlimited variations of each type. An economic system must define what to produce, how to produce it and for whom to produce it.

Immanuel Wallerstein's World-Systems Theory