Using World-System Theory to Predict the Future Development of the Global Economic and Political Order: Theoretical, Empirical and Methodological Considerations

This paper overviews potential of theoretical assumptions of world—systems theory proposed by Immanuel Wallerstein to predict and evaluate future global political and economic developments . It overviews general theoretical claims of WST: unit of analysis, logic of capitalism, core-periphery divide and interstate system, additionally ideological pervasiveness of capitalist world-economy. All these aspects are supported by introduction of methodological and epistemological debates to justify the choice of theory. Lastly, it utilises contemporary China-US relations as empirical measurement for predictions. It identifies Chinese position in capitalist world-economy, highlights main contradictions between China and the US based on economic data of both countries, and then concludes with explanation of current conditions and consequent potential future developments.