Discourse on globalization has become a new prevailing perspective since 1990s. The related concepts such as "globalization", "localization", "interdependent development", "nodes", etc. are widely discussed now. This seems to usher in a new point of departure in economic sociology. Although there are some differences between the world system theory and the recent "globalization" approach, what concerns the paper here is: do these differences really amount to a theoretical rupture between these two perspectives? And what are the historical implications of these differences? In this paper, by focusing on spatial discourses, the author will attempt to adjudicate between these two competing paradigms of capitalism in order to tackle the issues raised above. This paper will first lay out the theoretical perspectives (especially the spatial discourse) of world system of Wallerstein and Braudel , and globalization of Castells. Then compare and elaborate the significance of these differences. The issues to be discussed including the following: the extension and deepening of economic sphere, the innovation of technology, the changing contents of economic activities, the compression of time-space experience, the reconstruction of spatial forms. Base on the discussions, I will argue that globalization as a phenomena really signals a new stage of capitalism. However, the differences should not be exaggerated as a rupture; instead, they are better to be seen as a new theoretical development. Thus in the end, I will try to articulate and synthesize these two perspectives with the hope to help us grasp the essence of capitalistic development more concretely.