key term - Periphery countries

Definition

Periphery countries are less developed nations that have a lower standard of living, underdeveloped industrial bases, and lower Human Development Index (HDI) scores compared to more developed nations. They often depend on the export of raw materials and agricultural products while facing challenges such as poverty, lack of infrastructure, and political instability.

Related terms

Core Countries: Nations that dominate trade, control the most advanced technologies, and have high levels of productivity within diversified economies.

Semi: Periphery Countries - Nations that are in between core and periphery statuses, exhibiting features of both industrialization and reliance on raw material exports.

Dependency Theory:

A theory suggesting that economic disparities between nations stem from the exploitation of periphery countries by core countries through historical colonization and modern economic processes