Today's World Economy
In American Society Today, College students often times find themselves having to work two jobs to stay afloat. This typical case of the American college student is due to the United State's position in today's global system economy. While many Americans have benefited from this economies tertiary economy, others are devastated, and find themselves unemployed due to the creation of the multinational companies. Many aspects, including social, historical, political, and environmental, contribute to and maintain the balance of the global system in today's world. In the middle 1970's a gentlemen named Immanuel Wallenstein purposed the concept of the modern world's global or world system economy. Within the global system, there are three classifications of economies in the world today. The first classification is the primary economy. A country with a primary economy is the least industrialized and deals stricktly with the fishing, farming, and mining of their lands natural resources. Examples of countries with a prim
So many of these jobs are available, that the pay is low and the demand for workers is high. America was at this level during the first three quarters of the 20th century, but has since become a post-industrial country. The American college student must work many of the lower paying service jobs to put themselves through school. ary economy, also known as third world or peripheral nations, are Afghanistan, Mongolia, and many other eastern European nations. It's concept provides for growth in education and further assurance that we will continue to enjoy a very highly innovated and civil society. The third and highest level of classification in the global system is the teritary economy. In the first world country, education is highly important with major growth occurring in the white collar job field. Servicing products could also mean writing software for computers or designing new technology to make products better. It's emergence as a tertiary economy is a positive gain for the American people. Ultimately, the third world countries consume most of the products that the first and second world countries are responsible for creating. This is the level that post-industrial America is grouped in today. While the rich get richer, the poor get poorer and stratification increases in America and other tertiary economies such as Germany, Luxembourg, and Japan. The effect of the global economy on people's lives is greatly different at the three distinct levels of the global system. Finally, the first world countries highly educated personal service these products. As a result of this service oriented job market, citizens in tertiary economies have entirely different life styles than those in first and second world countries As a result of these three distinctive classifications, the world balances its economy through trade, exchange, and the multinational corporation.
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