The World System Theory Created By Immanuel Wallerstein

The world system theory created by Immanuel Wallerstein suggests that wealthy countries benefit from other countries and exploit their resources and citizens. This model recognizes the minimal benefits that are enjoyed by citizens of low status, as well as the maximal benefits enjoyed by citizens of high status. This suggests that a country’s economic development is based off the capitalist world system. Wallerstein believes the capitalist world-economy is based on the creation of surplus appropriation through the expansion of productivity. As a result, this benefits the elite by increasing profits. â€Å"The capitalist world-system is based on a two-fold division of labor in which different classes and status groups are given differential access to resources within nation states; and the different nation states are given differential access to goods and services on the world market.† (Elwell 2013) Both of these markets are distorted by power. Wallerstein divides the capitalist world-economy into three main areas: peripheral, semi-peripheral, and core states. The periphery states are the least developed and are exploited by the core nations. They provide cheap labour, raw materials, and agricultural production for core nations. To gain easy and cheap labour, landlords forced rural workers into a second serfdom on their estates. The semi-periphery is located between the periphery and the core, and they represent either core regions in decline, or periphery regions attempting toShow MoreRelatedMarxism Of The Cold War And The Triumph Of Capitalism1528 Words   |  7 PagesMarxism has found great appeal as a political thought for several class-based revolution and have been the theoretical basis for the policies and politics of several regimes across the world. 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