explain what global economic is and is the third world country involve with it?

Answer 1

The concept of global economics is summed up in Wallerstein's "World Systems Theory." He says that the roots of capitalism were formed centuries before the philosophy was understood.

Capitalism became the only economic system about the time of the Industrial Revolution (ca. 1750). Those countries that adopted capitalistic practices first were the ones to become the "core" of the system. Those that were last are the periphery, or "Third World Countries."

The "First World" controls the flow of capital throughout the system. Countries in the semi-periphery (like Argentina or South Korea) derive some benefits from the global economy. Countries on the periphery (Bangaldesh, Kenya, Peru) are exploited by the rest of the system. They are poor because thay were last to recognize capitalism for what it is. Some still don't know (editorial comment!).

Because of the relationship between the core and the periphery, the poor countries may make slight gains, but they will always be poor, and it is the uneven distribution of wealth that will keep the First World rich into the foreseeable future.