World-systems theory as a paradigm for explanation of uneven structure of global and national economic development

In this essay the author attempts to revitalise ideas from various schools of world-systems theory (WST) to explain the roots of divergence and convergence between the West and the East in income per capita at various stages and phases of capitalist development of the world economy. The author argues that this theory provides with relevant concepts and approaches to reveal the role of empires in promoting long-distance trade, commodification of the global economy, as well as the factors behind secular change of world-economy centres and hegemonies. The author traces intellectual influences on the WST by interpreting the key concepts and discussing the lines of argument. The author compares the selected theoretical approaches by the WST, as well as by related theoretical paradigms, with empirical evidence found in economic history literature. This provides helpful insights for understanding changes in relative positions of Russia by bridging past and present and by placing the country’s path of development into the global perspective. Thus, having claimed to be an alternative to the global capitalism during the Soviet period, Russia appeared to be a semi-periphery of the world capitalist economy. Surpassing development of China and India in the last decades promises shifts in the global economic landscape. The author’s review of the literature demonstrates that most of the original schools of WST analysed factors behind the Great Divergence; yet their methodology is applicable to explain the convergence. To do so they borrowed the neoclassical concept of human capital and applied to a revised modernisation discourse.