Which theory was popularised by Immanual Wallerstein ?

The correct answer is - World system theory

Key Points

• World system theory
  • This theory was introduced and popularized by Immanuel Wallerstein
  • It categorizes the global economic system into three types of regions: Core, Periphery, and Semi-Periphery.
  • The theory emphasizes that the world economy operates as a single unit rather than isolated economies, shaped by historical processes like colonialism and globalization.
  • It critiques capitalism for perpetuating inequality between nations.
  • This framework is widely used in sociology, political science, and economics to analyze global power dynamics and economic disparities.

Additional Information

• Modernisation theory
  • Focuses on the transition from traditional to modern societies, emphasizing economic development and cultural evolution.
  • Promoted by scholars like Walt Rostow, who proposed a five-stage model of economic growth.
  • Criticized for ignoring the structural inequalities created by global systems.
• Dependency theory
  • Developed by economists like Raul Prebisch, it argues that wealthy nations exploit poorer nations, creating a dependent relationship.
  • It contrasts with World System Theory but shares similar critiques of global economic inequality.
• Globalisation theory
  • Examines the increasing interconnectedness of societies worldwide due to trade, technology, and culture.
  • It overlaps with elements of World System Theory but focuses more on contemporary processes rather than historical systems.