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Dependency theorist say that modernizing theory is all about diverting the natural resources of the traditionalist, primitive societies for the satisfaction of the ulterior greed of the advanced nations. Modernizing Theory concerns itself with becoming and experiencing west. Western in approach, life style, thought and practice. Dependency Theorists criticize Modernization theory saying that it is orientalist and cyclic in nature. Modernization Theory is also about the failure of the non-western countries.
He says that: “an invasion could only be inflicted by an invader as a means of punishment costly to himself or as a desire to inflict misery”. In Chapter 3, Angell explains that trade depends upon the existence of natural wealth and a population capable of working it. If the invader destroys it he would thereby destroy his own markets actual or potential, which would be commercially suicidal. Furthermore he explains that when a country invades another country, he gives an example, if Germany invades Britain, would not only cause disturbance of capital and destruction of credit in Britain but would also disturb the capital of Germany, the invading country. Angel also insisted that it is a physical and economic impossibility to capture the trade of another nation by military conquest.
It is, however, highly incorrect to compare one crisis to another. Erixon and Sally (2010) have described the crisis of 1930 and 1970 in order to show the effects of protectionism involvement. What comes under attention here are the forms of government intervention – according to the authors, in 1930 protectionism through governmental regulations had split the world economy into “trade blocs” resulting in deeper financial stagnation. In 1970 governments tried to negate the high inflation using “price-and-wage” control, which resulted in growing discontents among domestic producers and governmental rules. Eventually, the producers sought help from foreign markets to defend their interests – a form of protectionism, caused by governmental misrules which again put more pressure on the business