SS 23- The Contemporary World

First Semester, SY 2022-2023

https://www.123rf.com/photo_23729583_concept-of-modern-world-with-skyscraper-airplane-
and-elements-of-the-contemporary-world.html

MARIDEL P. LANGBIS
CP Number: 09171262041
Email Address: m.langbis@bsu.edu.ph
FB/Messenger: Maridel PL

UNIT II – GLOBAL ECONOMY

ACKNOWLEDGMENT: Sincerest gratitude and acknowledgment go to Dr. Aurora Cuyan, Dr. Rachele Bambico,
Ms. Lyra Alunes-Tacio and Mr. Arnel Bassit for their generosity in sharing this prepared learning module except
for some minor revisions.
 COURSE STUDY SCHEDULE
Weeks 3-4 Topic Activities/Reminders Deadline
MWF UNIT 2: GLOBAL
August 22, 24, ECONOMY MWF- August 26,
26, 31, and Sept Learning Task 1- 15 pts 2022 11:59pm
2, 2022 Lesson 1:
A. Identification
TTH Economic Globalization B. Compare and Contrast TTh- August 25,
August 23, 25, 30 2022 11:59pm
and Sept 1, 2022
Lesson 2: MWF- August 31,
Learning Task 2- 10 pts 2022 11:59pm
Theories of Economic
Stratification Short Essay TTh- August 30,
2022 11:59pm
Lesson 3: MWF- September
Learning Task 3- 10 pts 2, 2022 11:59pm
Market Integration
Identification TTh- September 1,
2022 11:59pm

Learning Outcomes:

After completing this module, you will be able to:

1. Define economic globalization;

2. Understand the nature of global economy and its early beginnings; and
3. Articulate a stance on global economic integration.

LESSON 1:
Economic Globalization and its History

A. Definitions of Economic Globalization

• It is a historical process, the result of human innovation and technological progress. It refers to
the increasing integration of economies around the world, particularly through the movement of
goods, services, and capital across borders. The term sometimes also refers to the movement
of people (labor) and knowledge (technology) across international borders (International
Monetary Fund, 2008).
• It is a functional integration between internationally dispersed activities (Dicken, 2004).
• In economic terms, globalization is nothing but a process making the world economy an organic
system by extending transnational economic process and economic relations to more and more
countries and by deepening the economic interdependencies among them (Szentes, 2003).
• It is an increase in the extensity and velocity of intercontinental exchanges with a clear and
direct economic impact (Held, Mcgrew, Goldblatt and Perraton, 1999).
 B. Dimensions of Economic Globalization (Istvan Benczes, 2014)

1. Globalization of trade of Goods and Services- the transactions in goods and services
between residents and non-residents. It is measured in million USD, as percentage of GDP for
net trade, and also in annual growth for exports and imports.

2. Globalization of Financial and Capital Markets- the tendency for markets to become
global, rather than national, as barriers to INTERNATIONAL TRADE (e.g. TARIFFS) are
reduced and international transport and communications improve; and the tendency for large
MULTINATIONAL ENTERPRISES to grow to service global markets.

3. Globalization of Technology and Communication- Information and communication

technology (ICT) have played a key role in globalization and integration. The spread of ICT and
the Internet are among the most distinguishing features of the new globalizing world. The World
Wide Web is becoming an epitome of the global society and has emerged as a symbol of
globalization.

4. Globalization of Production- refers to the sourcing of goods and services from locations of
around the globe to take advantage national differences in the cost and quality of factors of
production like land, labor and capital. Companies can: Lower their overall cost structure and
improve the quality or functioning of their product offering.

C. History of Economic Globalization

These varying thoughts, are individually discussed by Peer Vries in his study, “A brief history of
economic globalization since Columbus”. Here are some of the renewed scholars and their
individual insights regarding the early beginning of economic globalization:

1. Andre Gunder Frank and Barry Gills- They contend that the connected world stretches
back at least 5,000 years. According to them capital accumulation, centre-periphery relations,
the alternation between hegemony and rivalry and economic cycles with alternating ascending
and descending phases, are not fairly recent phenomena but go back for thousands of years in
world history. Frank even claims that there was a single global world economy with a worldwide
division of labour and multilateral trade from 1500 onward (Frank 1998, cited by O’Rourke and
Williamson 2002).

2. John Hobson- According to him, globalization existed as early as the 6th century “as
significant flows of goods, resources, currencies, capital, institutions, ideas, technologies and
peoples, flowed across regions to such an extent that they impacted upon, and led to the
transformation of societies across much the globe”.

3. Samuel Adshead- For him, a continuous world history began with the creation of the largest
contiguous land empire in history, the Mongolian Empire that existed during the 13th and 14th
centuries.

4. Peter Frankopan- In his popular book on the silk roads, he claimed that there already was a
connected world during what Westerners use to call the Middle Ages and that its centre was in
Central Asia.

5. Janet Abu-Lughod- She assumed the existence of a network of globally interconnected trade
before the early modern age (1450s-1850s). She, however admits that compared to the
contemporary epoch, 13th century international trade and the production associated with it was
neither large nor technologically advanced and that its exchanges were minuscule.

6. Adam Smith- He considered the discovery of America, and that of a passage to the East
Indies by the Cape of Good Hope, as the two greatest and most important events recorded in
the history of mankind.

7. Karl Marx- According to him, world trade and world market date from the 16th century, and
from then on, the modern history of capital starts to unfold.

8. Dennis Flynn and Arturo Giraldez- They claim that globalization began in 1571, when
Manila became a Spanish stronghold connecting the Atlantic and the Pacific. They focus
strongly on global trade flows, in particular of bullion.

9. Pierre and Huguette Chaunu- They suggest that between 1500 and 1650 the Carrera de las
Indias, the sea routes over the Atlantic Ocean that connected the different parts of the Spanish
Empire, established the first outline, however rough, of a world economy (Vries 2017).

D. World Economy: The concept of Divergence and Convergence

Aside from tracing the origins of economic globalization, the ideas of Wallerstein, Frank and
O’Rourke and Williamson introduced the concept of a fully integrated world economy which
consequently established the roots of divergence and convergence.

Convergence generally means coming together, while divergence generally means moving
apart. In the world of finance and trading, convergence and divergence are terms used to
describe the directional relationship of two trends, prices or indicators.

I. International Monetary Systems

An international monetary system is a set of internationally agreed rules, conventions and

supporting institutions that facilitate international trade, cross border investment and
generally the reallocation of capital between nation states. It also refers to the rules,
customs, instruments, facilities, and organizations effecting international payments (Salvatore,
2007). The main task of IMS is to facilitate cross-border transactions, especially trade and
investment (Benezes, 2014).

II. The Gold Standard

The Gold standard is a monetary system in which the standard unit of currency is a fixed
quantity of gold or is kept at the value of a fixed quantity of gold. The currency is freely
convertible at home or abroad into a fixed amount of gold per unit of currency.

In practice, the gold standard functioned as a fixed rate regime, with gold as the
only International reserve. Participating countries determined the gold content of
national currencies, which in turn defined fixed exchange rates (or mint parities)as well’
(Benczes,2014).Although the new regime created stability in foreign exchange markets
and provided nations almost unlimited access to world finance, it came to an end at
the outbreak of World War I. ‘Participating nations gave up convertibility and
abandoned gold export in order to stop the depletion of their national gold reserves’
(Benzces, 2014).

You can also watch this video --- https://www.youtube.com/watch?v=LdyHso5iSZI

III. The Bretton Woods System

After the two world wars, world leaders sought to create a global economic system that would
ensure a longer-lasting global peace. The goal was to set up a network of global financial
institutions that would promote economic interdependence and prosperity.

The Bretton Woods System is the monetary system that replaced the Gold Standard. It was
named after the Bretton Woods conference in the US in 1944. This is a system where in dollar
will be used for all transaction and not gold anymore as used during the Gold standard system.
Unlike the classical Gold Standard, capital controls were permitted to enable governments to
stimulate their economies without suffering from financial market penalties. This system was
largely influenced by the ideas of British economist John Maynard Keynes who believed that
economic crises occur not when country does not have enough money, but when money, is not
being spent and, thereby not moving.

You can also watch this video-- https://www.youtube.com/watch?v=-6bVeDab6UA

Bretton Wood’s major institutions:

1. International Banks for Reconstruction and Development (IBRD) or WTO

➢ To be responsible for funding postwar reconstruction projects. It was a critical institution at a
time when many of the world’s cities had been destroyed by the war.

2. International monetary Fund (IMF)

➢ The global lender of last resort to prevent individual countries from spiraling into credits
crises. If economic growth in a country slowed down because there was not enough money to
stimulate the economy, the IMF would step in.

3. Managed floating System (1973)

➢ Countries floated their currencies and intervened only in cases of drastic short-term
fluctuations. Longer term prices of currencies were determined by Demand and supply forces
exclusively.
➢ Floating exchange rates mean that currencies change in relative value all the time. For
example, one U.S. dollar might buy one British Pound today, but it might only buy 0.95 British
Pounds tomorrow. The value "floats."
Elaborate

To further your knowledge on the global economy, here is a SUGGESTED reading material that
you can download and read: “History of Global Economy.” This can be downloaded from
https://www.usi.edu/business/cashel/241/text%20files/History.pdf.

Learning Task 1:

A. IDENTIFICATION (5 points)
Instructions: Identify the person associated with the following ideas mentioned
in the statements. (5 points)

_____________________1. It is an increase in the extensity, intensity and velocity of

intercontinental exchanges with a clear and direct economic impact.
_____________________2. They contend that the connected world stretches
back at least 5,000 years.
_____________________3. He claimed that there already was a connected world
during what Westerners use to call the Middle Ages and that its center was in Central
Asia.
_____________________4. They claim that globalization began in 1571, When
Manila became a Spanish stronghold connecting the Atlantic and the Pacific.
_____________________5. According to him a European capitalist world-economy, “the
modern world system,” came into existence during the late 15th and early 16th century.

B. COMPARE AND CONTRAST. Mention at least 5 similarities and differences of

the Gold Standard System and Bretton Woods System in a Tabular form. (10
points)

SIMILARITIES DIFFERENCES
 LESSON 2:
Theories of Economic Stratification

Stratification economics is defined as a systemic and empirically grounded approach to

addressing intergroup inequality. Stratification economics integrates economics, sociology and
social psychology to distinctively analyze inequality across groups that are socially differentiated,
be it by race, ethnicity, gender, caste, sexuality, religion or any other social differentiation. It
examines the role of relative group position and group action in determining individual life
outcomes. It highlights the structural and intentional processes that generate and maintain
hierarchy within and between these groups. It consciously rejects that intergroup inequality is a
function of collective dysfunction, cultural practices, deficits in personal responsibility, or
biological determinism (Darity Jr, 2005 as cited by Asasre et al., 2021).

1. THE WORLD SYSTEMS THEORY

As a basis for comparison, Wallerstein proposes four different categories, core, semi-periphery,
and periphery into which all regions of the world can be placed. The categories describe each
region's relative position within the world economy as well as certain internal political and
economic characteristics.

A. THE CORE- The core regions benefited the most from the capitalist world economy. For
the period under discussion, much of northwestern Europe (England, France, Holland)
developed as the first core region. Politically, the states within this part of Europe developed
strong central governments, extensive bureaucracies, and large mercenary armies. This
permitted the local bourgeoisie to obtain control over international commerce and extract capital
surpluses from this trade for their own benefit.

As the rural population expanded, the small but increasing number of landless wage earners
provided labor for farms and manufacturing activities. The switch from feudal obligations to
money rents in the aftermath of the feudal crisis encouraged the rise of independent or yeoman
farmers but squeezed out many other peasants off the land. These impoverished peasants often
moved to the cities, providing cheap labor essential for the growth in urban manufacturing.
Agricultural productivity increased with the growing predominance of the commercially-oriented
independent farmer, the rise of pastoralism, and improved farm technology.

B. THE PERIPHERY- On the other end of the scale lay the peripheral zones. These areas
lacked strong central governments or were controlled by other states, exported raw materials to
the core, and relied on coercive labor practices. The core expropriated much of the capital
surplus generated by the periphery through unequal trade relations. Two areas, Eastern Europe
(especially Poland) and Latin America, exhibited characteristics of peripheral regions. In Poland,
kings lost power to the nobility as the region became a prime exporter of wheat to the rest of
Europe. To gain sufficient cheap and easily controlled labor, landlords forced rural workers into
a "second serfdom" on their commercial estates.

In Latin America, the Spanish and Portuguese conquests destroyed indigenous authority
structures and replaced them with weak bureaucracies under the control of these European
states. Powerful local landlords of Hispanic origin became aristocratic capitalist farmers.
Enslavement of the native populations, the importation of African slaves, and the coercive labor
practices such as the encomienda and forced mine labor made possible the export of cheap raw
materials to Europe.
Labor systems in both peripheral areas differed from earlier forms in medieval Europe in that
they were established to produce goods for a capitalist world economy and not merely for
internal consumption. Furthermore, the aristocracy both in Eastern Europe and Latin America
grew wealthy from their relationship with the world economy and could draw on the strength of
a central core region to maintain control.

C. THE SEMI-PERIPHERY- Between the two extremes lie the semi-peripheries. These
areas represented either core regions in decline or peripheries attempting to improve their
relative position in the world economic system. They often also served as buffers between the
core and the peripheries. As such, semi-peripheries exhibited tensions between the central
government and a strong local landed class. Good examples of declining cores that became
semi-peripheries during the period under study are Portugal and Spain. Other semi-peripheries
at this time were Italy, southern Germany, and southern France.

Economically, these regions retained limited but declining access to international banking and
the production of high-cost high-quality manufactured goods. Unlike the core, however, they
failed to predominate in international trade and thus did not benefit to the same extent as the
core. With a weak capitalist rural economy, landlords in semi-peripheries resorted to
sharecropping. This lessened the risk of crop failure for landowners, and made it possible at the
same time to enjoy profits from the land as well as the prestige that went with landownership.

According to Wallerstein, the semi-peripheries were exploited by the core but, as in the case of
the American empires of Spain and Portugal, often were exploiters of peripheries themselves.
Spain, for example, imported silver and gold from its American colonies, obtained largely through
coercive labor practices, but most of this specie went to paying for manufactured goods from
core countries such as England and France rather than encouraging the formation of a domestic
manufacturing sector.

2. THE DEPENDENCY THEORY- [Dependency is] ...a historical condition which shapes
a certain structure of the world economy such that it favors some countries to the detriment of
others and limits the development possibilities of the subordinate economics...a situation in
which the economy of a certain group of countries is conditioned by the development and
expansion of another economy, to which their own is subjected. (Theotonio Dos Santos, "The
Structure of Dependence," in K.T. Fann and Donald C. Hodges, eds., Readings in U.S.
Imperialism. Boston: Porter Sargent, 1971, p. 226).

There are three common features to these definitions which most dependency theorists share.
First, dependency characterizes the international system as comprised of two sets of states,
variously described as dominant/dependent, center/periphery or metropolitan/satellite. The
dominant states are the advanced industiral nations in the Organization of Economic
Cooperation and Development (OECD). The dependent states are those states of Latin
America, Asia, and Africa which have low per capita GNPs and which rely heavily on the export
of a single commodity for foreign exchange earnings.

Second, both definitions have in common the assumption that external forces are of singular
importance to the economic activities within the dependent states. These external forces include
multinational corporations, international commodity markets, foreign assistance,
communications, and any other means by which the advanced industrialized countries can
represent their economic interests abroad.

Third, the definitions of dependency all indicate that the relations between dominant and
dependent states are dynamic because the interactions between the two sets of states tend to
not only reinforce but also intensify the unequal patterns. Moreover, dependency is a very deep-
seated historical process, rooted in the internationalization of capitalism. Dependency is an
ongoing process:

Latin America is today, and has been since the sixteenth century, part of an international system
dominated by the now-developed nations.... Latin underdevelopment is the outcome of a
particular series of relationships to the international system. (Susanne Bodenheimer,
"Dependency and Imperialism: The Roots of Latin American Underdevelopment, “in Fann and
Hodges, Readings, op. cit., p. 157.)

In short, dependency theory attempts to explain the present underdeveloped state of

many nations in the world by examining the patterns of interactions among nations and
by arguing that inequality among nations is an intrinsic part of those interactions.

3. MODERNIZATION THEORY- According to the modernization theory, modern societies

are more productive, children are better educated, and the needy receive more welfare.
According to Smelser’s analysis, modern societies have the particular feature of social structural
differentiation, that is to say a clear definition of functions and political roles from national
institutions. Smelser argues that although structural differentiation has increased the functional
capacity of modern organizations, it has also created the problem of integration, and of
coordinating the activities of the various new institutions.

In a political sense, Coleman stresses three main features of modern societies: a) Differentiation
of political structure; b) Secularization of political culture -with the ethos of equality-, which c)
Enhances the capacity of a society’s political system.

The major assumptions of the modernization theory of development basically are: Modernization
is a phased process; for example, Rostow has 5 phases according to his theory of economic
development for a particular society, and I will mention them later. Modernization is a
homogenizing process, in this sense, we can say that modernization produces tendencies
toward convergence among societies, for example, Levy (1967, p. 207) maintains that : “as time
goes on, they and we will increasingly resemble one another because the patterns of
modernization are such that the more highly modernized societies become, the more they
resemble one another”.

Modernization is a europeanization or americanization process; in the modernization literature,

there is an attitude of complacency toward Western Europe and the United States. These
nations are viewed as having unmatched economic prosperity and democratic stability (Tipps:
1976, 14). In addition, modernization is an irreversible process, once started modernization
cannot be stopped. In other words, once third world countries come into contact with the West,
they will not be able to resist the impetus toward modernization.

You can also the following videos:

1. https://www.youtube.com/watch?v=8GXVMGMs9fk (The World Systems Theory)

2. https://www.youtube.com/watch?v=6AGmpKsJAYI (Dependency Theory)
3. https://www.youtube.com/watch?v=KBsOwZRKzcE (Modernization Theory)
Learning Task 2: Picture Thought

Looking at this picture, what can you conclude about the relationships of different countries with
different economic status? Limit your answers in 5-10 sentences only (10 pts)

__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
 LESSON 3:
Market Integration

In this lesson, market integration or global market integration is discussed. This does not pertain
only to fusion of markets into one but it includes also the elimination of barriers that cause price
differences among states. The rise of global corporations coupled with the forging of corporate
global networks imbued with neo-liberal policies facilitates the process of global market
integration.

Neo-liberalism is both an ideology and a policy model that gives emphasis on free market
competition. “It is often characterized in terms of its belief in sustained economic growth as the
means to achieve human progress, its confidence in free markets as the most-efficient
allocation of resources, its emphasis on minimal state intervention in economic and social
affairs, and its commitment to the freedom of trade and capital”.

The intensified transnational transaction usually led by global corporations further the adoption
of neo-liberalism as international policy.

Global Trade

It has been emphasized in various studies that global trade had started centuries ago. Although
scholars have varying views on the real beginnings of economic globalization, it is interesting
to note that almost all agree that the transport revolution accompanied by technological change
and the opening of the Suez Canal made global economy highly integrated in the 19th century.
As a consequence, price differences of commodities around the globe almost came to close
up in this period.

However, the Great Depression of the 1930s had witnessed the promulgation and
implementation of reverse economic policies. To protect domestic economy, states began to
adopt protective measures. Since tariffs were imposed by states, locals started to patronize
domestically produced commodities and consumption of foreign-produced goods declined
dramatically. This, however, did not last long. By the end of the 20th century, a more integrated
global economy is observed as transportation cost started to fall and some trade barriers are
reduced.

Since some tariffs were scrapped off, more and more corporations extend their reach by
investing outside their home countries. These cross-border transactions initiated by
corporations increased tremendously. Since they operate in several nations, these
corporations or companies eventually came to be known as global corporations.

Global Corporations

Global corporations are often referred to Multi-National Corporation, transnational corporation

and international or global corporations. However, Iwan (2012) as cited by Neubauer (2014)
offered their distinctions as follows:

A. International companies are importers and exporters, typically without investment outside
of their home country.
B. Multinational companies have investment in other countries, but do not have coordinated
product offerings in each country. They are more focused on adapting their products and
services to each individual local market.

C. Global companies have invested in and are present in many countries. They typically
market their products and services to each individual local market.

D. Transnational companies are more complex organizations which have invested in foreign
operations, have a central corporate facility but give decision making, research and
development (R&D) and marketing powers to each individual foreign market.

COMPARISON BETWEEN GLOBAL VS INTERNATIONAL COMPANIES

Parameter of
Global International
Comparison

It is implied when two or more

Define It implies worldwide
countries are at concern

Aspect It has a larger scope It has a much smaller scope

Synonym Worldwide and universal Foreign and multinational

It is applicable for two or more

Application It is applicable for the whole world
countries

Few companies or brands are Large number of countries are

Presence
global international

COMPARISON BETWEEN MULTINATIONAL AND TRANSNATIONAL COMPANIES

Parameters of
Multinational Transnational
Comparison

In a transnational company, there is no

In a Multinational company, there
Home company existence of any kind of main
exists a main company.
company.

There is a centralized system of There is no centralized system of

Management management that is followed in a management that is followed in a
multinational company. transnational company.

In Multinational companies, they

In transnational companies, they are
may undergo some barrier, when it
Barriers free to make decisions as per their
comes to decisions to be made for
needs of the operating company.
their company.

Subsidiary A multinational company has many A transnational company does not

companies subsidiary companies under it. have any subsidiary company under it.

In a multinational company, the In a transnational company, the

Working working is carried out for all the working is carried out for that specific
companies as a whole. operating country only.
Learning Task 3: Using the table below, categorize the corporations mentioned in
the statements whether they belong to International companies, Multinational
companies, Global Companies or Transnational Companies. Write your answers on
the table below. (10 points)

International Multinational Global Transnational

1. Mekeni Corporation has its headquarters in the Philippines and it produces

processed meat products that are exported to many parts of the world.
2. Honda’s headquarters are found in Japan but it established quarters all over the
world. The product lineup is marketed to local market depending on local needs
or preferences.
3. Nestle has its headquarters in Switzerland but it has invested in international
corporate facilities that make their own decisions and product offerings.
4. General Electric has branches across the globe and its branches make their own
decisions, research and marketing strategies.
5. Apple is an American company that sells its products around the world. Its
headquarters and all processes in product development are located in the US.
6. McDonalds is an American Corporation that offers the same menu to all their
outlets found in different parts of the world.
7. Turks restaurants are located around the globe and serve the same menu in all
their locations.
8. Holiday hotels are located in different parts of the world. They offer the same
room and service regardless of the nation the hotel is in.
9. Starbucks is found in different parts of the world. They offer the same menu but
offerings are changed base on local tastes of the local market. Locations are also
customized according to local culture providing different seating and set-up.
10. San Miguel Beer Corporation has its headquarters in the Philippines but the
manufacturing operations extend to Hong Kong, China, Indonesia, Vietnam,
Thailand, Malaysia and Australia. These quarters make their own marketing
decisions and strategies.
References:
Asare, Fields, Lweis. 2021. Stratification Economics. https://www.exploring-
economics.org/fr/decouvrir/stratifications-economics/#header-8. Accessed on
January 1, 2022.

Bretton Woods System. Retrieved from: https://www.gold.org/about-gold/history-of-

gold/bretton-woods-system.

Claudio, L. & Abinales, P. (2018). The contemporary world. South Triangle, Quezon City.
C& E Publishing, Inc.

Cooper, R. (1982). The Gold Standard: Historical Facts and Future Prospects. Harvard
University.

Cuyan, A., et. Al. (2019). The contemporary world. Centro St., Pantoc Meycauayan,
BUlacan. IPM Publishing.

Ferrero, V. (1996) Dependency Theory: An Introduction. Retrieved from:

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&
uact=8&ved=2ahUKEwjh_8ax3MXrAhXEDaYKHXEWAoAQFjAMegQIBRAB&url
=https%3A%2F%2Fpdfs.semanticscholar.org%2Fd715%2F82f1a87a914036b3a
f3696b2be5e8411a7c8.pdf&usg=AOvVaw36JqbOeRO5nkF6SJrAIQW9.

Gold Standard. Retrieved from: https://www.britannica.com/topic/gold-standard.

History of Economic Globalization. Retrieved from:

https://www.usi.edu/business/cashel/241/text%20files/History.pdf.

Reyes, G. (2001). Four Main theories of Development: DMOdernization, dependency,

World Systems and Globalization Retrieved from:
Dephttps://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=
rja&uact=8&ved=2ahUKEwiyxcfN5cXrAhUqBKYKHT1KCFYQFjAOegQICRAB&
url=https%3A%2F%2Frevistas.ucm.es%2Findex.php%2FNOMA%2Farticle%2F
download%2F37963%2F36727&usg=AOvVaw327CF99UhtMwpWyly9-P89.

Summary of Wallerstein on World System Theory Modern History Sourcebook (2012).

Retrieved from:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&
uact=8&ved=2ahUKEwiM2vmr2cXrAhVMy4sBHf-
vAoAQFjAFegQIBhAB&url=https%3A%2F%2Fresources.saylor.org%2Fwwwres
ources%2Farchived%2Fsite%2Fwp-
content%2Fuploads%2F2012%2F12%2FHIST321-6.1.2-Summary-of-
Wallerstein-on-World-System-
Theory.pdf&usg=AOvVaw2uv0_ZVx_Kbe6xKuLBvILO.