ECONOMICS
ECONOMIC DEVELOPMENT
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rostow’s Model of Economic Development
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Wallerstein’s World Systems Theory
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Weber’s Least Cost Theory
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Location Theory
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Detailed explanation-1: -Wallerstein’s World Systems Theory postulates that the world is one interconnected collection of nations and states that, due to the initial wave of European colonialism in the late fifteenth and sixteenth centuries, is dominated by economic centers in Europe and North America.
Detailed explanation-2: -Core countries are dominant capitalist countries that exploit peripheral countries for labor and raw materials. Peripheral countries are dependent on core countries for capital and have underdeveloped industry. Semi-peripheral countries share characteristics of both core and peripheral countries.
Detailed explanation-3: -The core countries dominate and exploit the peripheral countries for labor and raw materials. The peripheral countries are dependent on core countries for capital. The semi-peripheral countries share characteristics of both core and peripheral countries. This theory emphasizes the social structure of global inequality.
Detailed explanation-4: -The countries of the world can be divided into two major world regions: the “core” and the “periphery.” The core includes major world powers and the countries that contain much of the wealth of the planet. The periphery has those countries that are not reaping the benefits of global wealth and globalization.