World- systems analysis by Immanuel Wallerstein???

Question

What's the theory all about? What's the main arguments? Would greatly appreciate all the help. It's kind of urgent

Answer 1

Wallerstein claims there’s only one world connected by a complex network of economic exchange relationships -  "world-economy" or "world-system".  Division between  capital and labor.  

Wallerstein stated the origin of the "modern world-system" was in 16th century Western Europe and the Americas due to  political circumstances at the end of the period of feudalism.   By the 19th century, almost every area on earth was incorporated into the capitalist world system.  But its not homogeneous in cultural, political, and economic manner.  Its wrought with fundamental differences as no two nations are the same.  

an effect of the world-system is the continuing commodification of things, including human labor. Natural resources, land, labor and human relationships are gradually being stripped of their "intrinsic" value and turned into commodities in a market which dictates their exchange value.