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3 Theories Of Development Essay

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Introduction: About half a Century ago with the aid of industrialization, economists and sociologist searched for a better and a sustained form of economic and social growth. The term “Development” which refers to changes that occurs over a long period of time to established better economic behavior and capabilities. In simple word development means to make life easier and better for the people, so that they can have more leisure time to enjoy their lives. In order to improve a countries growth rate, economists must keep the three theories of development in mind. The three theories of development are: 1. Modernization Theory: This theory focuses on the level of modernization that has taken place in a society. Modernization theory measures the …show more content…

Those countries who wish to stay and keep their respective culture are deemed to be inferior in the eyes of the West. One of the only countries that can think which has kept its tradition and also evolved to some of the western so called “Modernization” is Japan. 2. Dependency Theory: This theory was developed by the director of United Nations Economic Commission for Latin America, Raul Prebisch in the late 1950’s (Lawson, 2010). This theory simply states that the poverty in what’s so called “Underdeveloped and developing nations” is because of the group of wealthy Elites in those countries who work hand-in-hand with the Western Capitalists in order to monopolies the industries and take advantage of the cheap natural resources. The external political, economic and cultural has a forceful influence on the poorer nations. This has created an international division between the countries, they either the dominant or dependent. A perfect example would the issue of Crude Oil. Today, a barrel of Crude Oil is sold at 47.60 dollars to European countries, now it doesn’t make any sense for something that is known as the Black Gold to

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