Final answer:
Peripheral nations are countries on the fringes of the global economy that are dominated by core nations and have very little industrialization. They are economically dependent on core nations, have unstable governments, and inadequate social programs.
Step-by-step explanation:
Peripheral nations, also known as the world's least privileged and least powerful nations, are countries on the fringes of the global economy. They are dominated by core nations and have very little industrialization. These countries often rely on core nations for jobs and aid, have unstable governments, inadequate social programs, and their economic activities are less mechanized.
Examples of peripheral nations include Vietnam and Cuba. For instance, workers in a Cuban cigar factory, which is owned by global core nation companies, do not enjoy the same privileges and rights as U.S. workers.
This economic disparity between core and peripheral nations is a result of colonialism and subsequent independence. The industrial development in colonies was curtailed to protect European industry, and even after gaining independence, most postcolonial countries continue to have economies dominated by a few mining and cash crop exports. The fluctuating global prices of these raw materials and their decreasing value over time make it difficult for these countries to achieve real economic growth and development.
Overall, peripheral nations face challenges in terms of economic development, political stability, and social welfare as a consequence of their historical relationship with core nations.