Stephen is a professor at a university.He tells his students that rich countries continue to stay rich because the rich control the economies of poor countries.He also states that they exploit the poor countries because their workers depend on external markets for jobs, and set prices for agricultural products exported by them, regardless of market values.Which of the following theories is Professor Stephen describing to his students?

Question

Quizplus · Accepted Answer

Professor Stephen is describing World-system theory, which argues that global capitalist economic system is divided into core countries (rich), periphery countries (poor), and semi-periphery countries (in-between). The core countries control the economies of the periphery countries and exploit them for their resources and labor. This theory emphasizes the importance of international trade and economic inequality in shaping the global system.

Stephen Is a Professor at a University