Wallerstein ’ s World Economic System Theory

Wallerstein's world economic theory acts as a guide to describe the changes that led to shape the world into what it is today. It focuses specifically on the changes in Western Europe between 1450 and 1670, as this was a period of significant development. As with any other model or theory, however, Wallerstein's has its own set of strengths and weaknesses that can be demonstrated by evaluating the effectiveness of the model with real applications. Colonial America displays characteristics of several portions of Wallerstein's model, which indicates a rough fit. Within its position in the world economy as well as its own internal labor divisions, it displays attributes of both " core " and " peripheral " systems. In the 21 st century, Wallerstein's theory continues to hold for the most part; however, some small revisions may be necessary due to the changing nature of the world economy. Wallerstein's model makes an attempt to explain one large world economy composed of small systems. The existence of four categories allows for three major groupings – core, peripheral, and external. The final category, called " semi-peripheral " , constitutes those that are some sort of combination of " core " and " peripheral ". The inclusion of this category allows for systems that are neither this nor that, and therefore is a strength of Wallerstein's model. The best way to evaluate any model's strengths and weaknesses is to apply it to the real world, for applicability determines the quality of the model. Thus, the number of countries it portrays accurately shows the model's validity. In " A Summary of Immanuel Wallerstein, The Modern World System " , the author provides examples for each type of economic system it describes, from during the time period between 1450 and 1670. these examples, according to Wallerstein, fit nicely into his model and thus shows a degree of validity. 1 Clearly, Wallerstein's theory is not confined to a select few systems; his model is broad enough to encompass regions all over the world during this time period.