The World Systems Theory, created by Immanuel Wallerstein, divides countries of the world into three groups based on political power, social standing, and economic and technological development.  The theory does not categorize countries based on population.

Wallerstein’s World Systems Theory postulates that the world is one interconnected collection of nations and states that, due to the initial wave of European colonialism in the late fifteenth and sixteenth centuries, is dominated by economic centers in Europe and North America. The World Systems Theory also suggests that interconnectedness is constantly growing.

The least-cost theory is attributed to Alfred Weber. The least-cost theory suggests that all major corporations make their decisions about where to house their production and manufacturing facilities based on the least possible combination of costs, so as to derive the greatest possible profit. It is instrumental for understanding the nature and decision making process of multinational corporations.

A “footloose company” is not tied to any particular location and can relocate in response to changing economic conditions. All of the products—except diamonds—are either going to cause the companies that produce and sell them to be either market or material oriented. This is because diamonds that are mined are the product that is sold by the company. In other words, there is no assembly required. Subsequently, there is no need to consider the relative merits of locating manufacturing centers closer to raw materials or large markets.

Walt Whitman Rostow's 1960 model of stages of economic growth describes how societies become modern, industrial economies over five separate stages. The "take-off" stage, which is the third step, describes the moment when societies move toward full industrialization in certain specific ways, such as technological innovations, urbanization, production of secondary goods such as textiles, and intense growth in specific sectors.

Rostow's Stages of Economic Growth include the following five stages: Traditional Society; Preconditions for Take-Off; Take-Off; Drive to Maturity; and Age of High Mass Consumption. Rostow's model is one of the most significant historical models of economic growth. The model does not include "Postmodern Society."

The second stage of Rostow’s Stages of Development is generally described as “prerequisites for rapid economic growth.” It is the intermediary step between a traditional, agrarian society and industrial explosion. It primarily involves external investment and a much greater exploitation of natural resources.

There are five stages in Rostow’s Stages of Development: traditional society, preconditions to takeoff, takeoff, drive to maturity, and age of high mas consumption. In the 1960s, American economist called W.W. Rostow developed this theory. It is based off of the models of economic activities.

Rostow’s Stages of Development model is only concerned with economic geography; therefore, it would be unreasonable to criticize it for focusing on economic differences. The primary criticism leveled at Rostow’s model by contemporary geographers is that it presumes that the experience of western economies—and their path of development—can be universally applied. Modern evidence suggests that there are multiple paths to development; furthermore, evidence suggests that development can take on numerous forms.

The fourth stage of Rostow’s stages of Development primarily involves the development of a large commercial economy, something akin to consumer-capitalism. It also generally involves favorable integration into the global economy.