ECONOMICS (CBSE/UGC NET)

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: -The World Systems Theory was articulated in large part by Immanuel Wallerstein, who argued that in economics there are three types of economic nations-the core, the semi-periphery, and the periphery.

Detailed explanation-3: -In his terminology, the core is the developed, industrialized part of the world, and the periphery is the “underdeveloped", typically raw materials-exporting, poor part of the world; the market being the means by which the core exploits the periphery.

Detailed explanation-4: -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.