Immanuel Wallerstein
- Published in print:
- 2011
- Published Online:
- March 2016
- ISBN:
- 9780814772775
- eISBN:
- 9780814723555
- Item type:
- chapter
- Publisher:
- NYU Press
- DOI:
- 10.18574/nyu/9780814772775.003.0004
- Subject:
- Sociology, Economic Sociology
This chapter details how, in the 1970s, a major crisis marked the end of a phase of industrial capitalism. This world systems analysis is introduced in the context of the 1970s crisis, emphasizing ...
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This chapter details how, in the 1970s, a major crisis marked the end of a phase of industrial capitalism. This world systems analysis is introduced in the context of the 1970s crisis, emphasizing the extent to which the dynamics of capitalism had to be understood through analysis of an international division of labor, recurrent crises and waves of problem-solving, and the stabilization and leadership provided by successive hegemonic powers. The chapter details the different challenges to capital accumulation that coincided in the 1970s, making clear that these involved political demands for a greater share in wealth as well as long-term economic cycles.Less
This chapter details how, in the 1970s, a major crisis marked the end of a phase of industrial capitalism. This world systems analysis is introduced in the context of the 1970s crisis, emphasizing the extent to which the dynamics of capitalism had to be understood through analysis of an international division of labor, recurrent crises and waves of problem-solving, and the stabilization and leadership provided by successive hegemonic powers. The chapter details the different challenges to capital accumulation that coincided in the 1970s, making clear that these involved political demands for a greater share in wealth as well as long-term economic cycles.
