The debates of the 1970’s focused on what some called precapitalist elements of the world-economy, mainly in the Third World. After a decade and a half, attention has shifted to the state socialist sphere, which some call postcapitalist. The Cold War and detente should not be subsumed within a model of hierarchy, but should be understood as relations between blocs. This essay (1) criticizes the expressive totality of Wallerstein’s Modern World-System; (2) suggests ways of thinking about “regulation” as international and transnational; (3) offers a thought experiment, using Wallerstein’s concepts of “external arena” and “world-empire,” to construct an alternative interpretation of Russia/Soviet Union, which suggests differences within a structured totality; and (4) proposes four propositions to guide further explorations of the relationship between the world-economy and the state system.
