World Politics and the International Political Economy

Abstract

In recent times, the dynamics and functionality of the capitalist world economy system have garnered significant attention. This study examines the capitalist system, focusing on how it has divided the world into disparate zones. The United Nations Economic and Social Council (UNECOSOC) categorizes nations into three primary groups based on their market economy development: developed countries with market economies, countries with transitioning economies, and developing countries. Consequently, a schism has intensified between the global capitalist system's core and periphery, amplifying economic and social inequalities, reallocating natural resources to the affluent core nations, and exacerbating conflicts between the East and West and the North and South. The current societal state is described as a profound systemic crisis of the capitalist system, caused by its internal contradictions stemming from the international nature of contemporary economics. Immanuel Wallerstein's world-systems analysis occupies a pivotal place in understanding the dynamics of capitalism today. This paper aims to gauge the applicability of Wallerstein's "world-systems" theory in scrutinizing the modern international relations system. With the emergence of new political actors globally and ongoing internal transformations, a systemic approach to both politics and international relations has become increasingly relevant. Keeping in mind the vital role of economics in international interactions in the 21st century, this research evaluates the practical implementation of Wallerstein's seminal "world-systems" concept in studying the evolving processes within international relations. This study explores the primary trends of the global political system in relation to Wallerstein's views on the formation of "poles of power".