Capitalism is a fundamental aspect of globalism, which refers to thepolitical and economic system in which the state does not control thetrade and industry in a country but, the individuals for profit.Class system theory or globalism suggests that the concept ofcapitalism is applicable at a global level where powerful countriesexploit the less-developed countries regarding trade and commerce.According to Wallerstein, the modern capitalist world-economy willnot survive in the future, and it is in the process of being outdatedor superseded since it is an old historical social system(Wallerstein 200). He argues that there are several historicalalternatives drawn from the logics of politics, socialism, dominationand the civilization project.
For instance, the logic of socialism suggests that the development ofthe capitalist global-economy is always moving towards thesocialization of the production process. The logic of dominationsuggests that the superpowers will enact policies, which will lead toa nuclear world war (Wallerstein 216). These logics among othersreveal that there are forces already at play, which makes usuncertain of the possible changes in the directions of worldcapitalist-economy. With all these uncertainties, it implies thatthis type of economy will be outdated and definitely it will notsurvive in the future. In my opinion, the modern capitalistglobal-economy will not survive because the forces currently at playwill continue to dismantle it as a historical social system.Additionally, these forces will destroy the world economy insequential order. From a realism perspective, the global politics,which has already created conflicts among states, will start thedestruction of the economy. Then, the civilization project whichinvolves the conquest of the world by the West Europeans will fail.Finally, the modern trend of socialism that strengthens thedomination of less developed countries by the capitalist economies ofthe US and the UK will be curtailed by the emergence of otherparallel economic systems such as terrorism. As a result, thehistorical social system of capitalism will become outdated leadingto the fall of the long-lived capitalist world-economy.
Wallerstein, Immanuel M. The Politics of the World-Economy:The States, the Movements, and the Civilizations Essays.Cambridge: Cambridge Univ. Press, 1985. Print.