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The political economy of world capitalism: theory and practice

The mere appearance of all this work on the political economy of the world-system should tell us something. Capitalism has been analyzed as a relatively well-integrated social system with its own distinctive and internal dynamics, but the old insistence that it is integrated and internally governed at the national level is now being questioned. Its forms of organization are worldwide; it has organized the world. To comprehend this increasingly visible phenomenon, a "world-system perspective" is being developed outside the confines of the existing community of international relations scholars. This perspective aspires to offer a new way of conceptualizing capitalism. On this terrain Marxist theory has already established a secure beachhead, even if it is one that remains largely outside the perspective of conventional social science. The terrain is now being contested on the Left, as the analysis of development by dependency theory has been carried back into the origins of the European world-system and forward into the present. The issues raised deserve serious attention. This perspective does not form a single, rigorous theory. The literature