The World-System Theory and Crises in Capitalism

Abstract

Purpose: This study aims to explain the key ideas on which the world-system theory is based. It also seeks to understand the emergence of crises in capitalism from the perspective of world-system theory. It further presents a critical analysis of the same drawing from contemporary examples.

Methodology: This study is qualitative in nature and draws on secondary sources of data such as books and research papers derived from academic databases such as JSTOR. An extensive review of literature has been carried out covering the world-system theory, the concept of core, periphery, semi-periphery; and the emergence of crises in such systems, from an angle of critical enquiry.

Findings: The study finds that while the world-system theory seeks to provide a comprehensive theory of development and crises, it remains focused only on the economic processes and falls short of explaining the cultural and sociological factors behind it.

Originality/Value: This paper consolidates fragmented evidence about the emergence and aftermath of economic crises in the world-system theory. Herein, it also brings forth the lacunae in the way the concept of crises have been dealt with. The study will therefore prove useful to academicians and researchers to gain a comprehensive understanding of the matter. \

Paper Type: Theme Based Paper