Core Principles of World-Systems Theory in Political Economy Introduction World-systems theory (WST) represents a significant paradigm within the field of political economy, offering a macro-sociological framework for understanding the historical development of the global capitalist system. Developed primarily by Immanuel Wallerstein in the 1970s, this approach challenges state-centric and developmentalist models by situating political and … Continue reading What are the core principles of world-systems theory in political economy?