World System Theory: A Critical Analysis of Wallerstein's Framework

This essay provides a critical analysis of Immanuel Wallerstein's World System Theory, examining its origins, characteristics, and the concept of capitalism within the framework. The analysis delves into the theory's division of the world into core, semi-periphery, and periphery regions, exploring the economic and social inequalities inherent in this system. The essay also discusses criticisms of the theory, such as its focus on economic factors and its limitations in addressing cultural aspects. Furthermore, it examines the impacts of the theory on understanding global social changes, including the effects of globalization, and explores new developments and perspectives on the world system. The essay highlights the theory's relevance in understanding the interconnectedness of the global economy and its implications for various countries.