what led to enron worldcom and the like
Enron scandal Enron's complex financial statements were confusing to shareholders and analysts.[13][14] In addition, its complex business model and unethical practices required that the company use accounting limitations to misrepresent earnings and modify the balance sheet to indicate favorable performance.[15]
World-systems theory Immanuel Wallerstein has developed the best-known version of world-systems analysis, beginning in the 1970s.[5][6] Wallerstein traces the rise of the capitalist world-economy from the "long" 16th century (c. 1450–1640). The rise of capitalism, in his view, was an accidental outcome of the protracted crisis of feudalism (c. 1290–1450).[7] Europe (the West) used its advantages and gained control over most of the world economy and presided over the development and spread of industrialization and capitalist economy, indirectly resulting in unequal development.[2][3][6]