Examine the relevance and significance of the theories of development and dependency in the present globalizing society.

In the first half of the 20th c, the leading theories of development were that of market-oriented theories. It envisaged that their should be free capitalism and that government should not interfere if it wants to develop its society and economy.

One version of that was the Modernization Theory by W.W. Rostow. It believed that the low-income countries were poor because of their traditional cultures and values and because of their old age institutions. They are 'Fatalistic', thus their is no culture of hard work, discipline, saving and investment.

Rostow gave a 'one-fit all' model of development based on western model of development. He gave the following steps for development (called as Aeroplane Model)

However, in the 1960-70s, many sociologists from Latin America and Africa contested

the idea of modernization theory. They said that the poverty of the 3rd world countries is because of the prosperity of the 1st world countries. It is not because of the cultural values and institutions of the poor countries.

A. G. Frank in his work 'Development of the Under-development' says that even though after WW-II, poor countries became politically independent but they continue to remain economically dependent on the MNCs and the rich countries.

MNCs situated in poor countries pay very low wages to the labour and buys the raw materials very cheaply. Thus the poor countries remain perpetually poor.

The world system theory of I. Wallerstein says that the world economy is a single system, with three parts.

The core - represents the Bourgeoisie ideology The Periphery - represents the Proletarian ideology The semi-periphery is exploited by the core, which in turn exploit the periphery

conclusion: Thus in a globalized world, a new perspective as against those of the modernists has emerged; This helps in understanding the reality of the underdevelopment of the poor countries in a fresh way.