Question

What is World system theory

Answer 1

World system theory is a sociological perspective that views the global economy as a complex network of interdependent countries and regions, with power and wealth unevenly distributed among core, peripheral, and semi-peripheral nations. This theory was developed by sociologist Immanuel Wallerstein in the 1970s as a critique of traditional explanations of economic development and underdevelopment.

According to world system theory, the global economy functions as a single unit, where the economic activities of different countries are intertwined and influenced by larger structural processes. Core countries, typically Western industrialized nations, dominate the global economic system and reap the most benefits. Peripheral countries, often located in Africa, Asia, and Latin America, provide cheap labor and raw materials, while semi-peripheral countries, such as emerging economies, have intermediate levels of economic development and play a more ambiguous role.

World system theory also emphasizes the role of imperialism and colonization in shaping the global economy. It argues that historical processes of exploitation and domination have contributed to the unequal distribution of wealth and power among nations. This theory suggests that the global economic system is inherently exploitative and perpetuates inequalities between rich and poor countries.

Overall, world system theory offers a critical perspective on global economic relations and highlights the structural forces that shape the world's economic landscape. It provides insights into the dynamics of global capitalism and the causes of economic inequality between nations.