A perspective on the world economic system.

The world economic system is the structure that governs the global economy. It includes all economic activities that take place between and within countries. It is one of the important topics that we study in economic geography.

1. World Economic System Economic Geography Lecture prepared by : Ms. F Phibawanlang Kharpran Asst. Professor Umshyrpi College, Shillong

2. WORLD SYSTEM PERSPECTIVE It is build on a network of linkages that tie together various countries of the world. These are based on a historical, political and economic analysis of relationships, particularly those between developed and under developed countries. The WORLD SYSTEM PERSPECTIVE is quite broad and general yet insightful and relevant to an economic geographer studying changing locational relationships at the international scale. Authors such as Immanuel Wallerstein and Samir Amin argue that the spatial integration within the World System naturally generates a dependency relationship .

3. Dependency relationship with in the world system

4. The classification of Core , Semi-periphery and Periphery countries is based on different criteria, such as access to, or control of technology. Concepts with in the W orld systems framework Core : the rich, developed countries. Also: west; metropolitan countries; developed world Periphery : poor, dependent nations. Also: underdeveloped countries; satellites; dependencies Semi-periphery : semi-industrialized countries Dependency : The vulnerable state of being exploited by core countries. They depend on the core for trade, investment, loans, technology, etc. (related term: underdevelopment).

5. Evolution of world economic system