The Modern World-System as a Capitalist World-Economy Notes.docx

1 Page
61 Views
Unlock Document

Department
International Affairs
Course
INTL 1101
Professor
Denise Horn
Semester
Fall

Description
Ch. 6 Notes: The Modern World-System as a Capitalist World-Economy Immanuel Wallerstein Modern world had origins in 16 century. World-economy: A large geographic zone within which there is a division of labor and hence a significant internal exchange of basic or essential goods as well as flows of labor and capital. • Not bounded by unitary political structure Capitalism: The endless accumulation of capital • People and firms accumulate capital only to accumulate more capital Capitalism and a World-Economy depend on each other and are held together by the efficacy of the division of labor • Capitalism needs a balance of power between economic producers and holders of powers; they need the large market • Basic institutions of market (all formed in capitalism) : the markets, the firms, the states, the households, the classes, and the status-groups. o MARKET: Where consumers buy and sell goods and a virtual market which relies on
More Less

Related notes for INTL 1101

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit