Blog about The Modern World-System

 

THE MODERN WORLD – SYSTEM


This history of colonialism inspired American sociologist Immanuel Wallerstein model of what he called the capitalist world economy. Wallerstein described high-income nations as the “core” of the world economy. This core is the manufacturing base of the planet, where resources funnel in to become the technology and wealth enjoyed by the Western world today.

LOW-INCOME COUNTRIES
• This are Wallerstein called the “periphery” – whose natural resources and labor support the wealthier countries.

MIDDLE-INCOME COUNTRIES
• Where such as India or Brazil are considered the semi-periphery due to their closer ties to the global economic core.

THREE AASSUMPTIONS OF THE MODERN WORLD – SYSTEM:

The Social System:
• It is made up of cultural, political, and economic factors.

The World Economy:
• The world divided into three major regions, according to this theory (Core, Semi-Periphery and Periphery).

The Interpretation:
• State-strength and cultural integration are also taken into consideration.

The Philippines is on the fringe of global economic activity. In response to the question, "How much is involved?" based on the assumptions, the Philippines, like all nations, is heavily involved in the Modern World System. As a result of this presumption, we are being classified as a Third World nation. Given that we don't have a solid economy to begin with, our economic ranking around the world is graded as in the margins or at the tail.


ADVANTAGES AND DISADVANTAGES



THE ADVANTAGES OF BEING IN THE PERIPHERY:


•We, as workers from a nation on the outskirts of the global economy, can provide low-cost labor, which is why we get a lot of jobs from first-world countries or those in the center, such as the United States, the United Kingdom, and Canada.
•Whenever there is a financial crisis, we are quickly supported.
•We provide materials at a lower cost than countries on the periphery or in the center. As a result of the lower cost of raw materials, producers and business owners in core countries will benefit more.


THE DISADVANTAGES OF BEING IN THE PERIPHERY:


•Only those who were able to attend high school/college or who are licensed professionals have access to employment.
•The literacy rate is so poor, not everyone will find a good paying job.
•The economy's budget is being dragged down to support the poor.

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