World-System Theory: A sociopolitical approach to explain World economic development in a capitalistic economy

Abstract

Abstract. This conceptual paper describes world-systems theory that is a socioeconomic and political approach that explains the economic development and dynamics of capitalistic world economy. In particular, this study clarifies international market trade, economic division of labor and other relationships between core and periphery areas. Some limitations of this approach conclude this study.Keywords. World-Systems Analysis, World Economy, World Market, Capitalistic World Economy, Core-Periphery areas.JEL. F63, O10, O20.