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Unformatted text preview: (Overproduction and markets are saturated. Creates crisis) b. Go through cyclic crises- boom and bust cycles c. Affect other aspects of society and culture i. Wolf: variable outcomes of a unitary historical process v. World System Theory 1. Capitalist world economy a. Identifiable social system, based on wealth and power differentials, extends beyond individual states b. Core, periphery (semi periphery) vi. Africa 1. Primary initial interest in trade in enslaved Africans 2. Centered on Gold and slave coasts a. Involved both Europeans and Africans i. Divide and conquer 1. Extend to US situation 3. Produced underdevelopment 4. Fueled industrial revolution 5. 40 million taken from Africa a. Went to brazil, Caribbean, Spanish America and north America vii. Semiotics of social differences: commodity fetishism viii. Consequences 1. Individual 2. Collective 3. Modern World System...
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- Fall '08