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THEORIES OF LATE CAPITALISM AND THE WORLD SYSTEM - Essay Example

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Name Institution Instructor Course Date Late Capitalism and the World System Introduction The term “late capitalism” came into the fore in the late 1950s and started dominating the world’s postmodernism culture. According to scholarly research findings, David Harvey and Yoshihiro Francis are some of the prominent theorists of late capitalism and their works contribute enormously to social and political debates…
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THEORIES OF LATE CAPITALISM AND THE WORLD SYSTEM
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Download file to see previous pages With that respect, this essay will seek to highlight and address this problem as well as identify solutions provided by both theorists. Francis Fukuyama assert that the loss of social order as depicted by capitalism was a not matter of poor memory or nostalgia but rather a matter of hypocrisies committed in the early ages of communism. Most recently, as Francis reveals, there has been frequent occurrence of seismic shifts during the fall of 1980s. These shifts involve strategies set in place by governments of the developed countries such as the United States with the aim of harnessing economic power (Harvey 43). The issue regarding if the information age democracies have the ability to withstand social order while facing economic and technological change are part of the greatest challenges encountered by these economic super powers. Philosopher Francis argues that, there exists a strong logic backing the evolution of political institutions pointing towards modern liberty democracy, basing on mutual relations between stable democracy and economic development. However, the most worrisome aspect as described Francis is that, this progressive tendency lacks social and moral development. His failure to include politics and ecology in his work derives bases from the general tendency of the contemporary basics where liberal democracies fall victim to excessive individualism. Francis makes it clear that the liberty of the modern state premised on the concept whereby the interests political peace, the government would not be in a position to sideline differing moral claims as put forward by traditional culture and/or religion (Harvey 45). In their theories, there is no examination of the ecological implications of modernism or the theoretical practices of postmodernism in relation with the environment to assess whether they repress modernist assumptions or encourage non-exploitation. Their failure to address these issues inevitably reflects the supposed conditions of postmodernism and discussions based on political stratagem. As a matter of course, their theories omit space analysis into spatial politics as opposed to other theorists (Harvey 46). Indeed, theories of postmodernism bear a strong family resemblance to those ambitious sociological generalizations that bring people the news of the arrival and the inauguration of a new type of society baptized as postindustrial society. To their own relief, these theories have the obvious ideological mission of illustrating that the new social formation does no longer obey the laws of late capitalism. Situation of the problem Their failure to address politics and ecology has made learners fail to understand that despite the increasing global division of poverty and wealth, dependency theory together with its thesis concerning the structural domination of the capitalist West over the developing countries or simply, the Third World, is all but dead. According to Francis and David’s theories of late capitalism, the passing of dependency theory has been faltering, slow, and at the same time inexorable. Now, it is a reduced theoretical political memory in both mainstreams in international relations writing mentioned only as interesting historical lineage (Gray 47). This omission is not very helpful, at best, since ...Download file to see next pagesRead More
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