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

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International Affairs
INTL 1101
Denise Horn

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
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