Peripheral Economies

Peripheral economies are regions or countries that rely heavily on exporting raw materials or primary commodities rather than developing diverse, industrialized industries. These economies often depend on the demand from more developed "core" countries, making them vulnerable to global market fluctuations. Because of their dependence on exporting commodities, peripheral economies typically have less economic diversification, limited technological development, and lower income levels. They may face challenges such as economic instability and unequal growth, which can hinder long-term development and increase reliance on external markets.