Reference no: EM133380381

Case: The relationship between the core and peripheral regions of the world economy is characterized by unequal power dynamics. Core regions, usually composed of industrialized nations, comprise the dominant economic powers of the world. They are the wealthiest and most developed countries, and they drive the global economic system. On the other hand, peripheral regions tend to be poorer and less developed countries, and their economies are heavily dependent on the core nations. Peripheral regions have been shaped by a number of factors, including colonial exploitation and unequal access to resources and markets. The colonization of peripheral regions by core nations provided the latter with access to their technology, capital, and markets, as well as cheap labor and resources. This created an unequal power dynamic, where the peripheral regions were exploited for their resources (raw materials) and labor while not receiving much in return. Some argue that core nations have often used their economic power to control access to resources and markets, preventing peripheral nations from accessing the same benefits. A major force in reshaping the world economy has been industrialization. It is responsible for the shift from an agrarian to an industrial-based economy.

Give examples of how the core-periphery relationship manifests itself in your daily life and discuss the possibility of a more equitable world. Can it be accomplished in practice? Include an image that illustrates the relationship between the core and the periphery or your argument more generally. Describe the image concisely.