The Financial Crisis: A World System’s Theory Perspective

Immanuel Wallerstein, the leading proponent of World Systems Theory recently wrote that the current financial crisis signals the start of a worldwide depression and the end of US hegemony. He writes that our current system of capitalism

cannot survive. What we cannot predict is which new order will be chosen to replace it, because it will be the result of an infinity of individual pressures. But sooner or later, a new system will be installed. This will not be a capitalist system but it may be far worse (even more polarizing and hierarchical) or much better (relatively democratic and relatively egalitarian) than such a system. The choice of a new system is the major worldwide political struggle of our times.

Read the rest of his brief commentary here. Wallerstein’s piece, is part of a series on the state of the economy from the Brecht Forum with essays from Peter Marcuse and others.

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