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The irony is that, despite its radical political inspiration, world systems theory goes back to Adam Smith for ideas about the division of labor that Marx himself rejected. As the Asian recession deepened and Asian labor grew cheaper, European textile producers sought to compete on the world market by developing new laborsaving technologies and by erecting stiff trade barriers. The core was never European but “Sinocentric” until nineteenth-century Europeans literally rewrote themselves into history. The development of modern European capitalism, Frank suggests, had less to do with the rise of the bourgeoisie or a Protestant work ethic–developments internal to European economies–than with the shaping influence of foreign trade. Since international trade is centuries older than the Industrial Revolution, when most historians date the emergence of modern capitalism, world systems theory starts earlier–much earlier–than every other theory of capitalist development. In Capitalism and Underdevelopment in Latin America, Frank held that the capitalist world system originated with a “commercial network” that “spread from Italian cities such as Venice until the entire face of the globe had been incorporated into a single organic mercantilist or mercantile capitalist, and later also industrial and financial system.” Frank and other world systems theorists were not alone in emphasizing the role of merchant traders in the rise of modern capitalism, but few other historians have argued that a single global economic system emerged from their activities.
This is reflected in the continued rebuilding of houses, enlargement of churches, and repairs to town wall and gates during the Late Middle Ages, and the building of new halls for the two leading merchant gilds, begun in 1406 and 1424. However, the reduction of the number of constabularies at some point around the late fourteenth or early fifteenth century may reflect depopulation in some part of the town (perhaps around St. James). Nor did it feature the coherent social structures implied by the term “system.” In many ways, the timing for this book couldn’t be worse: Readers of ReORIENT who track their global money market accounts may woefully shake their heads at Frank’s opinion that we are entering an age of renewed Asian economic dominance, given the current crisis of the East Asian economy. Still, the evidence of wide-ranging and intricate trading links between East and West doesn’t really support Frank’s contention that the East led the way in developing the modern world system. Their trading fees are good, and their trading platform won many awards. This broker does not charge any account maintenance fee or custom fees but it charges a subscription-based type of fee, also known as an activity fee.
But for all its intricacies, this network of trade was not linked to the type of labor relations that gives capitalism its indispensable dynamic. As the economic historian Robert Brenner noted two decades ago in an influential article in New Left Review, Frank shares Smith’s view that trade, not production, establishes the division of labor necessary for the accumulation of capital and, consequently, for the creation of a capitalist system. Typically, privatization was limited: The state leased or contracted convict labor to private companies. In the mid-1800s, penny-pinching state legislatures awarded contracts to private entrepreneurs to operate and manage Louisiana’s first state prison, New York’s Auburn and Sing Sing penitentiaries, and others. In some cases, such as Texas, however, the corrections function was turned over wholesale to private interests which prom ised to control delinquents at no cost to the state. For example, a payment network would need to be high scale and low cost. SMS4Sats offers SMS verification numbers online and you can pay using the Lightning Network. In the Persian silk markets of the sixteenth century, the Portuguese and the Dutch were not exploitative traders with colonial intentions but suckers whose lust for silk and willingness to pay for it in silver helped to finance Persia’s trade deficit with the rest of Asia.
