What is Wallerstein�s �World System Theory� and do you think it is accurate or inaccurate? In "The Modern World System: Capitalist Agriculture and the Origins of the European World Economy in the Sixteenth Century", author Wallerstein says that the birth of capitalism brought with it a new �European� division of labour. This division of labour determined relationships between different regions as well as the types of labour conditions within each region. Wallerstein suggests that all regions of the world can be placed into the following four categories: core, semi-periphery, periphery and external. In addition, he proposes that the history of the capitalist world system can be divided into four stages, and for simplicity sake, it can be divided into two basic stages. Wallerstein locates the origin of the �World System Theory� in Europe in the sixteenth century. He theorizes that the world class economy came about for three reasons: firstly, it came in response to the feudal crisis when agriculture production fell and the burden of peasant producers increased as the rulin......

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