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The state-power theory as put into perspective by Stephen Krasner (1976), explains that the structure of international trade is determined by the interests and power of states acting to maximize their aggregate national income, social stability, political power and economic growth. Such state interests can be achieved under free trade.
An economic system can be considered a part of the social system and hierarchically equal to the law system, political system, cultural and so on. There is often a strong correlation between certain ideologies, political systems and certain economic systems (for example, consider the meanings of the term "communism"). Many economic systems ...
While Wallerstein was quite clear that the interstate system followed the development of a world-economy, and state policies largely reflected internal pressures from economic actors, [14] other world-systems theorists like Christopher Chase-Dunn view the interstate system and world-economy as concomitant processes with no clear causal priority.
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services.
See: World economy.) In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has existed throughout history (for example Uttarapatha, Silk Road, Amber Road, salt roads), its economic, social, and political importance has been on the rise in recent centuries.
Typically, previously independent producers on the land (but also serfs and indentured labourers etc.) are proletarianised and migrate to the urban centres, in search of work from an employer. Simple commodity production nevertheless continues to occur on a large scale in the world economy, particularly in peasant production. It also persists ...
Globalization is the process of increasing interdependence and integration among the economies, markets, societies, and cultures of different countries worldwide. This is made possible by the reduction of barriers to international trade, the liberalization of capital movements, the development of transportation, and the advancement of information and communication technologies. [1]
In this model of capitalism (sometimes referred to as state development capitalism), the state has more independent, or autonomous, political power, as well as more control over the economy. A developmental state is characterized by having strong state intervention, as well as extensive regulation and planning. The term has subsequently been ...