ABSTRACT
World systems theory basically developed out of, or follows on from, dependency theory. It is most often associated with Immanuel Wallerstein. Neo-Marxists argue that global capitalism results in underdevelopment in the Global South. Whereas structuralist economists envisage a continuation of the capitalist economic system in the Global South through its transformation via industrialisation, other critiques argued that there was a need to either detach from capitalist economic logics or move towards socialism. Power inequality is central to the operation of the international financial institutions, even if the strap line for the World Bank was that it dreamt of a world free of poverty. The logical outcome of these types of more critical theories of development described earlier is that there should be a move away from capitalist development towards socialism. Tanganyika became independent from Great Britain in 1961 and three years later joined with the island state of Zanzibar to become Tanzania.
