Chapter 6, 11.docx

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International Affairs
Course Code
INTL 1101
Denise Horn

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Nicole Hicks Globalization and International Affairs Ch 6. The Modern World-System as a Capitalist World-Economy Immanuel Wallerstein th - The modern world system (today’s world) economy (capitalism) has origins in 16 century Europe and Asia - World Economy = NOT bounded by one political structure - A capitalist system occurs when the system leads to the “endless accumulation” of money o People and companies are accumulating capital just to accumulate more! - A totally free market can’t exist o If it did, it would make it impossible to endlessly gain capital o “It would always be possible for the buyers to bargain down the sellers to an absolutely miniscule level of profit… and this low level of profit would make the capitalist game entirely uninteresting to producers” - Sellers always prefer a monopoly o When a “quasi-monopoly” doesn’t exist, capital is easily enough moved to new products/industries - When exchange happens, competitive products are the weak ones and quasi-monopolized products are strong - The (normal) progression of leading industries (slow disablements
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