Today's World Economy

A detailed Summary of Today's World Economy


In American Society Today, College students often times find themselves having to work two jobs to stay afloat. This typical case of the American college student is due to the United State's position in today's global system economy. While many Americans have benefited from this economies tertiary economy, others are devastated, and find themselves unemployed due to the creation of the multinational companies. Many aspects, including social, historical, political, and environmental, contribute to and maintain the balance of the global system in today's world.

In the middle 1970's a gentlemen named Immanuel Wallenstein purposed the concept of the modern world's global or world system economy. Within the global system, there are three classifications of economies in the world today. The first classification is the primary economy. A country with a primary economy is the least industrialized and deals stricktly with the fishing, farming, and mining of their lands natural resources. Examples of countries with a prim


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ary economy, also known as third world or peripheral nations, are Afghanistan, Mongolia, and many other eastern European nations. Countries with a primary economy tend to rely solely on selling their resources to other more industrialized countries.

The second economic classification is the secondary, or semiperipheral economy. Countries grouped in this level use the resources gathered by these third world countries, and turn them into useful products through industry. America was at this level during the first three quarters of the 20th century, but has since become a post-industrial country. The incorporation of the multinational business has led to this trend in America, shifting most factory-blue collar jobs across the border to Mexico or abroad. Countries that do still fall in this level of classification are Greece, Portugal, and Mexico, all of which are also known second world countries.

As a result of these three distinctive classifications, the world balances

Some common words found in the essay are:
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Approximate Word count = 712
Approximate Pages = 3 (250 words per page double spaced)

Category: Miscellaneous

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