8 - 8. Capitalism as a world economic system The most...

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Unformatted text preview: 8. Capitalism as a world economic system The most important theory here is that of Immanual Wallerstein. His theories have been developed from those of Marx, but Wallerstein believes that the capitalist world system started not with the industrial revolution, but with the arrival of the Spanish and Portuguese in America, Africa and Asia in the 15th and 16th centuries. This was based on changes in the technology of ship construction which enabled the European sailors to sail in the opposite direction from the wind, and in a better understanding of winds and ocean currents. This led to a development of international trade, as transport between the continents became cheaper than it had on old trade routes like the silk road, where it was very slow and expensive. It also meant the beginnings of the colonial period, as the Spanish and Portuguese,...
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8 - 8. Capitalism as a world economic system The most...

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