Immanuel Wallerstein — Structural Crisis in the World-System — Where Do We Go from Here?

I have written repeatedly on the structural crisis in the world-system, most recently in New Left Review in 2010.2 So, I shall just summarize my position, without arguing it in detail. I shall state my position as a set of premises. Not everyone agrees with these premises, which are my picture of where we are at the present time. On the basis of this picture, I propose to speak to the question, where do we go from here?

Good analysis on the whole, but it suffers from ignorance of MMT that results in a lump of capital fallacy. However, the analysis is not actually marred by this, since it is a common perception driving the global dynamic.

Monthly Review — 2011, Volume 62, Issue 10 (March)
Structural Crisis in the World-System — Where Do We Go from Here?
Immanuel Wallerstein | Senior Research Scholar at Yale University

ht Jan Milch

Frank W. Elwell — Immanuel Wallerstein's World-Systems Theory

25 slide presentation of Immanuel Wallerstein's World-Systems Theory by Frank W. Elwell,  author of Macrosociology: Four Modern Theorists. Wallerstein was a student of C. Wright Mills, Professor of sociology at Columbia University and author of The Power Elite.

Wallerstein's World-Systems Theory is power-based. It deals with flows of people, information, resources, products, and wealth in a world-system that is social(institutional), political (power-based) and economic (distributive). It is a Marxian analysis that sees the ultimate outcome of the world game being socialism after the breakdown of capitalism owing to its internal contradictions.

If you are are not familiar with Wallerstein, this is a good introduction to his thinking.

Immanuel Wallerstein's World-Systems Theory 
Frank W. Elwell, Professor of Sociology at Murray State University,
ht Jan Milch