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Worse yet to come in economic crisis?

September 22, 2009

I just stumbled across this video and thought it would be interesting to share.  For those of you not familiar with Immanuel Wallerstein he is a prominent sociologist and senior research fellow at Yale.  He is widely recognized as pioneering the world-system thesis along with Fernand Braudel and Andre Gunder Frank (who has in more recent times broken with Wallerstein to advocate a world system approach, without a hyphen.  See his highly informative and paradigm challenging work ReOrient: Global Economy in the Asian Age for more on the world system). His view that ‘core-perphirary’ relations define the different centers of capitalist development and underdevelopment has become widely recognized and utilized in many fields, notably history, historical sociology, anthropology, philosophy as well as many interdisciplinary efforts.  In this short interview Wallerstein talks about the path the world economy has been following over the past forty years and why he believes that the current economic crisis is but a minor tremor before the coming ‘super-depression’.  Taken into consideration is the looming abandonment of the US Dollar as the international reserve currency and the implications that will have for the US economy, the loss of economic hegemony by the US beginning with the crisis of the early 1970’s and its resulting multi-polar world, and the possible future alignment of the new poles of power as they compete against one another for a dominant position.


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