Wallerstein's description of the world as one entity with a single market and labor force reflects the rise of globalization in several ways. Wallerstein's theory of world systems suggests that the world is organized into a hierarchical system of core, semi-peripheral, and peripheral countries that are interdependent and interconnected through trade and commerce.
The rise of globalization has accelerated this process of interdependence and integration, as advances in technology and transportation have made it easier and faster to move goods, money, and people across borders. This has led to the emergence of a global market, in which goods and services can be produced, bought, and sold anywhere in the world.
At the same time, globalization has led to the development of a global labor force, as companies and corporations are able to hire workers from anywhere in the world, often at lower wages than they would have to pay in their home countries. This has led to a global division of labor, in which different parts of the world specialize in different types of production.
Wallerstein's theory also highlights the role of power and inequality in the global system. Core countries, which are typically more developed and industrialized, have more power and influence in the global system, while peripheral countries, which are often less developed and rely on exporting raw materials, have less power and are more vulnerable to economic fluctuations and crises.
In summary, Wallerstein's description of the world as one entity with a single market and labor force reflects the rise of globalization by highlighting the interconnectedness and interdependence of the world's economies and the emergence of a global market and labor force. It also underscores the role of power and inequality in the global system.