This is the third volume of Immanuel Wallerstein's essays to appear in
Studies in Modern Capitalism, following the immensely successful
collections The Politics of the World Economy and The Capitalist World
Economy. Written between 1982 and 1989, the essays in this volume offer
Wallerstein's perspective on the events of the period, and the
background to his interpretation of the momentous events of 1989.
Wallerstein argues that the collapse of the Iron Curtain and the process
of perestroika bear out his basic analysis: that the decline of U.S.
hegemony in the world-system is the central explanatory variable of
change; and that the collapse of the communist empire and the approach
of European unity cannot be understood without reference to this decline
as a critical stage in the cyclical rhythm of the capitalist world
economy. As part of the analysis the book also charts the development of
a challenge to the dominant "geoculture" the cultural framework within
which the world-system operates. This collection offers the latest ideas
of one of the most original and controversial thinkers of recent years,
and is bound to stimulate debate among students and scholars across the
social sciences.