The world system theory is a framework for understanding the global political economy and its evolution over time. It was developed by sociologist Immanuel Wallerstein in the 1970s, and it has since become a widely influential approach to analyzing global economic and political relations. According to the world system theory, the modern global economy is divided into three main categories: the core, the semi-periphery, and the periphery. The core refers to the industrialized and wealthy countries that dominate the global economy and have the most control over the international system. The semi-periphery refers to countries that are not as powerful as the core countries, but are still more developed and influential than the periphery countries. The periphery refers to the developing and underdeveloped countries that are largely dependent on the core and semi-periphery countries for trade and resources. London is a key city in the core of the global economy, and it has played a central role in the expansion and maintenance of the world system. As the capital and largest city of the United Kingdom, London has long been a major center of global finance and trade. The city is home to many of the world's largest banks and financial institutions, and it is a major hub for the exchange of goods, services, and capital. London's importance as a global financial center is closely linked to its history as a colonial power. The British Empire, of which London was the center, was one of the largest and most influential colonial empires in history. The empire spanned much of the globe, including North America, the Caribbean, Africa, Asia, and Australia, and it was a key player in the global system of imperialism that shaped much of the modern world. The profits and resources extracted from the colonies helped to fuel the growth and development of London, and the city became a major center of global finance and trade. The British government, the Royal Navy, and the East India Company all had their headquarters in London, and the city was a hub for the trade and exchange of goods and resources from the colonies. London's role as a colonial power also had significant implications for international law. The British Empire was built on the exploitation and oppression of colonized peoples, and the legal system was often used to justify and reinforce this exploitation. The British government and legal system played a central role in shaping the international legal order, and many of the key institutions of international law were based in London. For example, the International Court of Justice, which is the main judicial body of the United Nations, is based in The Hague, Netherlands, but many of its judges and officials are drawn from the legal systems of the core countries, including the United Kingdom. Similarly, the International Criminal Court, which is responsible for prosecuting individuals for crimes against humanity, genocide, and other international crimes, is based in The Hague, but many of its judges and officials are from the core countries as well. Overall, the world system theory provides a useful framework for understanding the global political economy and the role of London in it. As a major financial and business hub in the core of the global economy, London has played a central role in the expansion and maintenance of the world system, and its colonial history has had significant implications for international law and the global legal order.
Loosely inspired by reading:
2. Anghie, Antony. “The Evolution of International Law: Colonial and Postcolonial Realities.” Third World Quarterly, vol. 27, no. 5, 2006, pp. 739–53. JSTOR, http://www.jstor.org/stable/4017775. Accessed 17 Dec. 2022.