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What is Wallerstein's model?

Updated: 11/9/2022
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Wallerstein's Model Consists of Core · Started in Europe · Have strong central governments with military support · Surplus money from periphery goes to core · Agricultural workers move to growing cities work in industry · International trade works in favour of core · May shift in size or even multiply Semi-Periphery, · Core's are in decline or Periphery's are growing stronger · Access to international banking is declining · Manufacturers goods (electrical or computer hardware/software) that have high value · Exploits the periphery countries Periphery· Most ownership of industrial output in the hands of core investment · No central, strong government · Surplus profits return to core · Raw materials sent back to the core for consumer markets · Inexpensive labour for extracting resources and for agriculture External Regions · Countries remain outside the world economy · Not controlled by other economic or political powers · Isolated contact with trading countries

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