Answer to Question #227403 in Sociology for Pedro

Question

 1. According to Wallerstein’s capitalist world system (the world system theory), how can you explain relations between developed countries and developing countries in economic development?

2. Why do ASEAN countries (except Singapore) failed to follow ‘Flying Geese Model’ in Asian economic development? Please explain.

3. How is Adam Smith’s idea of market related to the world economy nowadays?

4. What are different between Chinese business networks and Western business model? Please explain.

Answer 1

According to Immanuel Wallerstein, developed World Systems Theory focuses on three-level hierarchy: core, periphery, and semi-periphery. On this note, the core countries are dominant capitalist countries that exploit peripheral countries for labor and raw materials. The peripheral countries are dependent on core countries for capital and have underdeveloped industry, while the semi-peripheral countries share characteristics of both core and peripheral countries.

The SEAN countries (except Singapore) failed to follow ‘Flying Geese Model’ in Asian economic development because the model did not portray their agenda.

3. How is Adam Smith’s idea of market related to the world economy nowadays?

It is the economic link between production and consumption in free markets that binds society together. This model is related to the world economy today because a society as a whole is organized on an exchange basis just like Adam outlines in his ideology.

4. What are different between Chinese business networks and Western business model? Please explain.

The Chinese business networks is based on communism and slight capitalism economic model while the Western business model is purely capitalism-based.