ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Dependency Theory
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Neo liberal counterrevolution
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structural adjustment loan
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World Systems theory
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Detailed explanation-1: -Immanuel Wallerstein developed World Systems Theory and its three-level hierarchy: core, periphery, and semi-periphery . Core countries are dominant capitalist countries that exploit peripheral countries for labor and raw materials.
Detailed explanation-2: -For Wallerstein, “a world-system is a social system, one that has boundaries, structures, member groups, rules of legitimation, and coherence. Its life is made up of the conflicting forces which hold it together by tension and tear it apart as each group seeks eternally to remold it to its advantate.
Detailed explanation-3: -In The Capitalist World-Economy Immanuel Wallerstein focuses on the two central conflicts of capitalism, bourgeois versus proletarian and core versus periphery, in an attempt to describe both the cyclical rhythms and the secular transformations of capitalism, conceived as a singular world-system.