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Business as UsualThe Roots of the Global Financial Meltdown$
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Craig Calhoun and Georgi Derluguian

Print publication date: 2011

Print ISBN-13: 9780814772775

Published to NYU Press Scholarship Online: March 2016

DOI: 10.18574/nyu/9780814772775.001.0001

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Dynamics of (Unresolved) Global Crisis

Dynamics of (Unresolved) Global Crisis

(p.69) Chapter 2 Dynamics of (Unresolved) Global Crisis
Business as Usual

Immanuel Wallerstein

NYU Press

This chapter details how, in the 1970s, a major crisis marked the end of a phase of industrial capitalism. This world systems analysis is introduced in the context of the 1970s crisis, emphasizing the extent to which the dynamics of capitalism had to be understood through analysis of an international division of labor, recurrent crises and waves of problem-solving, and the stabilization and leadership provided by successive hegemonic powers. The chapter details the different challenges to capital accumulation that coincided in the 1970s, making clear that these involved political demands for a greater share in wealth as well as long-term economic cycles.

Keywords:   1970s crisis, industrial capitalism, world systems analysis, capitalism dynamics, economic cycles

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