Definition Definition

> Sociology

World economy

World economy is a single division of labour that spans multiple cultures. Unlike a world empire, a world economy does not have a unified political system. Capitalism, according to Immanuel Wallerstein, is a world economy.

Category: Sociology
Share it: CITE

Related Definitions

  • Third world
    Third world is a term formerly used to refer to...
  • World-systems theory
    World-systems theory is the immanuel Wallerstein's theoretical approach that analyzes...
  • Political economy
    Political economy means Marvin Harris’s term that refers to the...
  • Mixed economy
    A mixed economy is a region's economic system that has...
  • Market economy
    Market economy is an economic system where investment, supply, price,...

Recent Definitions

Legal Separation Legal Separation is an option to stay married for those...
Zero Lot Line Zero Lot Line is a piece of the house that...
Littoral Rights Littoral Rights are the water rights of the property owner...
Elimination Period Elimination Period is the duration between an accident, sickness, incapacity,...
Abstract of Title An Abstract of Title, also known as a Title Abstract,...
Cross-culture Engaging with or comparing two dissimilar nations or cultural zones...
Categories