Final answer:
World Systems Theory, proposed by Immanuel Wallerstein, is a materialist framework for understanding global hierarchy and inequality, categorizing nations as core or peripheral based on their level of industrialization and resources.
Step-by-step explanation:
The World Systems Theory, primarily associated with the sociologist Immanuel Wallerstein, is a materialist approach to understanding global inequalities. According to the theory, the world economy is structured into a hierarchy of countries that keep certain nations in positions of dominance (referred to as core nations), while others remain in a state of economic subordination (known as peripheral nations). Core nations are highly industrialized and possess significant resources and technological advancements, allowing them to maintain power within the global system. Peripheral nations, on the other hand, face difficulties in mobilization due to their economic and technological disadvantages.
This theory aligns with historical materialism, a concept originally proposed by Karl Marx, suggesting that economic factors primarily drive societal structures. Wallerstein's World Systems Theory expands on this by mapping the global dynamics of capitalist economies, focusing on the continuous struggle between core and peripheral nations, similar to the class struggles outlined by the historical materialism of Marx. Understanding the World Bank's classification of economies and utilizing terminology from Wallerstein's approach, can provide further insights into global stratification and systemic inequities.