The Dependency Chain

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There are three key theoretical explanations for interpreting the development efforts made in developing countries, such as dependency theory, underdevelopment theory, and world-system theory.

Dependency theory is a way of thinking in contemporary sociology which looks to add to a comprehension of underdevelopment, an investigation of its causes, and to a lesser degree, ways toward defeating it. It is concentrated on a singular nation, their job as providers of crude materials, modest work, and markets for costly made products from industrialized nations. The inconsistent trade connection among created and creating nations was seen as adding to poor economic development. More details explained illustrational explanations in the video below:-

The subsequent hypothesis is underdevelopment theory otherwise known as modernization. The centre premises of the modernization hypothesis of improvement are basic that modernization is a staged procedure. For instance, Rostow has five stages, as per his hypothesis of financial advancement. These 5 phases are customary society, preconditions for take-off, remove, the way to development, and high mass utilization society.

The world system theory explains that the world economy is an international hierarchy of inequality. Further reasonings are by determining different cultures and the role of the state among other nations. The world-system theory arose when capitalists wave took over the world stage. Since then, third world countries had new conditions to work on improving their standard of living and social conditions. In conclusion, dependency theory, underdevelopment theory, and world-system theory are three of several theories that seek to define development through a different school of thoughts of their own.