Topic 3 - Modern World System and Global Economic Integration

Immanuel Wallerstein

Sociologist known for world system analysis.

World Economy

Large zone with labor division and goods exchange.

Geoculture

Common cultural patterns evolving within world economies.

Division of Labor

Key unifying feature of world economies.

Capitalism

System prioritizing endless capital accumulation.

Endless Accumulation

Continuous process of capital growth and reinvestment.

Political Units

Multiple governments within a world economy.

Cultural Diversity

Variety of cultures and religions in world economies.

Interstate System

Network of political units in modern world economy.

Wage Labor

Historical existence of workers earning wages.

Modern World-System

Only system characterized as capitalist historically.

Structural Mechanisms

Systems penalizing non-capitalist motivations.

Capitalist System

Economic system focused on profit and capital growth.

Political Homogeneity

Absence of uniform political structures in economies.

Cultural Homogeneity

Absence of uniform cultural patterns in economies.

Basic Goods Exchange

Internal trade of essential products in economies.

Capital Flows

Movement of capital within world economies.

Labor Flows

Movement of labor across different regions.

Economic Integration

Process of unifying economies across borders.

World Empires

Historical transformations of world economies into empires.

Efficacy of Division

Effectiveness of labor division in wealth creation.

Modern Times

Period where world economies transformed or collapsed.

Braudel's Economie-Monde

Concept of interconnected world economies without unity.

Immanuel Wallerstein

an American sociologists, historical social scientist, and

world system analyst.

Braudel's economie-monde

World Economy

World Economy

large geographic zone within which there is division of labor

World Economy

where there's significant internal exchange of basic or essential goods as well as flows of capital and labor.

World Economy

it is not bounded

by a unitary political structure.

World Economy

contains many cultures and groups -

practicing many religions, speaking many languages, differing

in their everyday patterns.

Geoculture

some common cultural pattern

True

True or False. It does not mean that political and cultural homogeneity

is to be expected or found in a world-economy.

Division of labor

What unifies the World Economy

Capitalism

existence of person or firms producing for sale on the market with the intention of obtaining a profit.

World Economy

Braudel's economie-monde

Capitalism

is the existence of persons working for wages sufficient. (Wage -labor)

Capitalism

when the system gives priority to the endless accumulation of capital.

Capitalism

True or False. the modern world-system has been a capitalist system. Endless Accumulation

Endless Accumulation

it means that people and firms are accumulating capital in order to accumulate still more capital, a process that is continual and endless.

True

True or False. "gives priority" to such accumulation, it means that there exist structural mechanism by which those who act with other motivations are penalized in some way, and are eventually eliminated from the social scene, whereas those who act with the appropriate motivations are regarded and, if successful, enriched.

Division of labor

the ___________ is a function of the constantly expanding wealth

World Empires

qIn Modern times, the world economies that had been constructed either fell apart or were transformed militarily into _________ ____________