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Wallenstein and Rostows models
Transcript of Wallenstein and Rostows models
-Chapter 9, key issue 4
Worlds Systems Theory
Wallerstein and Rostows Models
- Wallerstein attended Columbia University
- American sociologist
- The origin of the theory: Western Europe and the Americas.
- Wallerstein was born in 1930
-Theory proposes the world system as a set of mechanisms which distributes resources from the periphery to the core.
-Wallerstein stated that the core is the more developed, industrial part of the world, and the periphery is the raw materials-exporting, poor part of the world.
-Wallerstein evaluates the World System as, “A system is defined as unit with a single division of labor and multiple cultural systems.”
- Wallerstein was one of the first people to recognize globalization & international division of labor as basis of global inequality.
- Dynamic model (allows for movement and change)
- Guide to describe changes that shaped the world.
- constantly changing state of world economy
- lack of a strong central government
- Wallersteins "external economy" label can no longer be applied
- Core country: US. (vast amount of capital & labor)
- Semi-periphery: India (largely dependent on foreign investors for capital but growing tech industry & emerging middle class consumer market)
- Periphery: Cape Verde. (foreign investors allow for extraction of raw materials & production of cash crops all for export to wealthier consumer markets)
Real world example
Strengths/effectivness of Theory
Three Tier Structure
-Semi Peripheral, Peripheral, and Core
- Core countries: dominant capitalist countries which exploit peripheral countries for labor & raw materials
- Peripheral countries: dependant on core for capital & have underdeveloped industry
- Semi peripheral shares characteristics from both.
-WST focuses on Western Europe (1450-1670) which was a period of significant development.
-Wallerstein’s model makes an attempt to explain one large world economy composed of small systems.
Industry/ Development Model
By Walt Rostow
-Rostow was an American economist and goverment official.
-In the 1950's Rostow proposed that countries economically passed through five stages of development.
-Walt Whitman Rostow was born October 7, 1916 and died February 13, 2003.
-He was a United States economist and a political theorist who served as an special assisstant to national security affairs to President Lyden B. Johnson from 1966-1969
-Rostow was prominent in his role of shaping US foreign policy in Southeast Asia during the 1960's.
-Rostow is also known for his book The Five Stages of Economic Growth: A Non-Communist Manefesto 1960.
The Five Stages of Development
Stage 1: Traditional Society- Barter, Subsistence and Agriculture
Stage 2: Transitional Stage- Specializations, Surpluses and Infrastructure
Stage 3: Take Off-Industrialization, Growing Investment, Regional Growth and Political Change
Stage 4: Drive to Maturity- Desertification, Innovation, Less Reliance on Imports and Investment
Stage 5: High Mass Consumption, Consumer Oriented, Durable Goods Flourish, Service Sector Becomes Dominant.
Real World Examples:
- MDC's are in stages four and five, and LDC's are in stages two and three.
- The Four Dragons have adopted to this approach and flourished by developing a heavy manufactoring sector.
- Along the Arabian Peninsula in parts of the Middle East that have a large abundance of Petrolium have raised prices and have required conpensation from colonizing countries and they have now developed into one of the highest income areas per capita.
Advantages of the Model
- Advantages of this model is
it is a more structuralized model.
- It pushes for Industrialization and economics growth.
- It is an important concept to modernization and social evolution.
- Disadvantages of this model is that it was developed with Western countries in mind and is not as applicable to LCD's.
-It also pushes for uneven distribution of resources.
- Market stagnation.
- Increased dependancy on MDC's.
- Though many countries continue to follow the self-sufficiency approach, many have transitioned into the development approach.
Application to The Real World
- Global Wealth has doubled over the past century and world trade has tripled due to the growing approach of this theory.
- To promote this model, countries representing 97 percent of the global economy have established the World Trade Organization inorder to regulate trade and promote industry and development.
THANK YOU :)
Disadvantages of the Model