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  • Essay / Difference between globalization and Wallerstein

    European colonization is the foundation of the progress of a hierarchical division of labor with the result of organizations of monetary concentration (manufacturing industry and now after industrialization). The very essence of global financial organization is manufacturing for sale or exchange in a market where the objective is to obtain the highest income (Wallerstein, 1979: 15). Enduring control of the nation results in changes to the capitalist budget to track income, encourage capital accumulation, and invest in a never-ending cycle. The location of nations, a chain of command established in the global organization between the core (first world countries, developed countries), the periphery (the mostly omitted underdeveloped countries (Africa and Bangladesh) and the semi-periphery (developing countries like Mexico). The reliability of the contemporary global system breaks the disparity of financial activities between the core and the semi-periphery and the periphery. Core capacity comes from additional districts. This chain of command is as follows: the core is the United States. European Union,