What is world systems theory?

A contribution to answering this question which appeared on
marxism@panix.com this morning:

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World systems theory at least as it is practiced by Frank evolved out
of the dependancy school. Frank grew to believe  that the idea of
national development was impossible given the nature of the unfolding
global economy in the '70's. Frank became convinced that the idea of
'delinking' popular in dependancy circles as a means to development was
not possible.( I think Samir Amin still believes in delinking). Either
was development within the system. At this point, he becomes little
different from most liberals i.e. all a country can do is hope to find a
niche producing for the world market. The world system theory of Frank
seems to be version of the 'globalization' thesis that states are
incapable of  just about anything. However, this idea is falsified by
the experience of Korea and the NIC's as Alice Amsden and Robert Wade
have argued. Development theory must take into consideration the
experience of the phenomenal capitalist growth that occurred in these
countries and why it has come to an end.
  I'm less familiar with Wallerstein, but world systems to him seems to
be a methodological position i.e. a kind if holism where one cannot
study a part of the world in isolation from the whole. I think he maybe
right but I am not sure of the implications.
On development theory in general I recomend _The Rise and Fall of
Development Theory_ by Colin Leys. Maybe I'll do a little write-up on
this book and the issues it covers. It contains a lot of good rumination
on Africa. Good Marxist writing on Africa is hard to come by these
days.  I Read _Africa's Choices_ by Michael Barrett Brown a short time
ago and he comes close to endorsing the World Bank. Same with Susan
George these days.

Sam Pawlett

Louis Proyect

(http://www.panix.com/~lnp3/marxism.html)