GGR267H5 Lecture Notes - Lecture 4: Transnationalism, Indian Ocean Trade, World Economy
Document Summary
The study of india (and south asia) has often been limited to that represented by its territory. He says it"s a fragment of the world; a piece of the pie. World economy belong to a particular geographical space with cities and hierarchy of zones. For wallerstein, it is the belief that whole world is a giant capitalist system with core nations and workers of the core nation (british, u. s. , japan, canada, etc. ) receiving higher wages. It has self- regulating, connected territories, and devoured places in the world. It has international division of labour, for example, gendered division of labour. How countries are involved according to the work that they do. The core nations make the system run, they"re fully industrialized, and pay their workers higher wages. The periphery nations, such as 3rd world countries and former colonized nations, contribute raw materials (oil, diamonds, spices) and a market.
