Who gave the idea of a world economic system comprising three concentric rings of the core, a semi-periphery and a periphery?

Correct option is B

Immanuel Wallerstein, an American sociologist, developed the World-Systems Theory, which explains the global economic system in terms of a division between core, semi-periphery, and periphery countries. According to Wallerstein, the core countries dominate and exploit the peripheral countries for labor and raw materials, while the semi-peripheral countries act as a buffer zone. This model explains the economic disparities and unequal development in the global capitalist economy.
Information Booster:
· Core countries are developed, wealthy, and have strong state institutions.
· Peripheral countries are less developed and depend on the core countries.
· Semi-peripheral countries have features of both core and periphery.
· Wallerstein’s theory critiques capitalism and global inequality.
· He emphasized the historical and global context of economic systems.
· His work is foundational in world-systems analysis.
Additional Information:
· Arghiri Emmanuel: Known for the theory of unequal exchange in international trade.
· Immanuel Wallerstein: Developed the World-Systems Theory, a critical approach to understanding global capitalism.
· Andre Gunther Frank: A dependency theorist who critiqued global capitalism.
· Samir Amin: Developed concepts related to dependency and unequal development.