World-System Theory: A Sociopolitical Approach to Explain World Economic Development in a Capitalistic Economy
Journal of Economics and Political Economy, vol. 5, n. 4, pp. 459-465 (2018) DOI/10.1453/jepe.v5i4.1787
12 Pages Posted: 17 Jan 2019
Date Written: January 14, 2019
This conceptual paper describes world-systems theory that is a socioeconomic and political approach that explains the economic development and dynamics of capitalistic world economy. In particular, this study clarifies international market trade, economic division of labor and other relationships between core and periphery areas. Some limitations of this approach conclude this study.
Keywords: World-Systems Analysis, World Economy, World Market, Capitalistic World Economy, Core-Periphery areas
JEL Classification: F20, F43, F60, N10, O11, O50, P10, P40
Suggested Citation: Suggested Citation