What does the term 'Peripheral' signify in Wallerstein's three-tier structure?

The term 'Peripheral' in Wallerstein's three-tier structure refers to countries with developing economies that are dependent on core nations. In this model, the core countries are characterized by their wealth and technological advancement, while the peripheral countries often have lower levels of industrialization and economic diversification. They typically export raw materials and agricultural products to the core countries but import finished goods, creating a dependency that reinforces their peripheral status. This dependence can hinder their own economic development and perpetuate a cycle of inequality within the global economy. The peripheral nations face challenges such as limited access to capital, technology, and markets, making it difficult for them to achieve stable economic growth and development.