Abstract
This essay argues that capitalism is best conceived as a peculiar combination of economic and political processes which operate at the level of the world economy as a whole. Thus the interstate system is the political side of capitalism, not an analytically autonomous system, and its survival is dependent on the operation of the institutions which are associated with the capital-accumulation process. The argument for this approach is made as a prelude to further discussion, theoretical clarity, and empirical research. The point of this project is to distinguish between theories which conceptualize the modern world in terms of economic and political subsystems and those which regard capitalism as a system in which political and economic processes can be understood to have a single, integrated logic.
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