The revised Marxist theory about political economic history states that the world has one economy, not numerous economies experiencing different stages of development at different times.
World systems theory states that before capitalism there were regional economies in isolation and empires that had a small core to periphery model. A global economy developed alongside capitalism and colonialism.
The world systems theory states that two forms of exploitation and wealth transfer occur in the global economy. Over time, the difference in wealth transfer between the core and periphery increased.
Credits: World Systems Theory
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World Systems Theory originated in the work of the late Immanuel Wallerstein, and before him, from the related theory of development: "Dependency Theory." This program discusses how these theories explain the inequality between richer and poorer nations, providing an important corrective to both classical development perspectives and Marxist ones. It traces the history of how the underdeveloped nations developed in a direct relationship to the development of the richer nations, with the latter preventing the former from developing.
Length: 20 minutes
Copyright date: ©2020
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