Chapter 11 Outline - Chapter Outline I Introduction A Truly...

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Chapter Outline I. Introduction A. Truly isolated societies do not exist today (and probably have never existed). B. The modern world system refers to a world in which nations are economically and politically  interdependent. C. The world system and the relations between the countries within that system are shaped by the world  capitalist economy. II. The Emergence of the World System A. During the 15th century, European exploration linked the Old and New Worlds forever and opened the  way for a major exchange of people, resources, ideas, and diseases. B. During the 16th and 17th centuries, increased demand for particular goods (e.g., sugar, cotton) in  Europe fueled the development of colonial plantation economies based on single cash crops (monocrop  production). C. The emergence of colonial plantation economies in turn fueled the transatlantic slave trade. D. The increasing dominance of international trade led to the capitalist world economy, a single world  system committed to production for sale or exchange, with the object of maximizing profits rather than  supplying domestic needs. 1. Capital refers to wealth or resources invested in business, with the intent of producing a profit. 2. The defining attribute of capitalism is economic orientation to the world market for profit. E. The key claim of world-system theory is that an identifiable social system, based on wealth and power  differentials, extends beyond individual states and nations. 1. According to Wallerstein, the nations within the world system occupy three different positions of  economic and political power: core, periphery, and semiperiphery. a. The core consists of the strongest, most powerful nations which monopolize world finance and,  with sophisticated technologies and mechanized production, manufacture products that flow  mainly to other core nations (and, to a lesser extent, the periphery and semiperiphery). b. The semiperiphery consists of industrialized nations that export industrial goods and  commodities, but lack the power and economic dominance of core nations.
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c. The periphery consists of nations whose economies—less mechanized than those in the  semiperiphery—are focused on the production of raw materials, agricultural commodities, and  human labor for export to the core and semiperiphery.
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