Essay On Dependency Theory
2.0 INTRODUCTION
This section reviews the relevant theories, methodologies and empirical findings in literatures on the impact of public debt on economic growth. There are several theories in the study of public debt and economic growth. Each theory has its strength and weaknesses with different conceptual, theoretical and empirical assumptions.
2.1 Theoretical Review
2.1.1 The Dependency Theory It was propounded by Raul Prebisch in 1950`s. Preblish and his friends developed dependency theory as an attempt to understand why some countries in the world remained underdeveloped. Preblish found that increases in the wealth of the rich nations appeared to be at the expense of the poorer ones. Dependency theory is a notion that resources flow from a periphery of poor and underdeveloped states of the former. The theory arose as a reaction to
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Nations, which are wealthy, vigorously maintain a state of dependence by various means. This influence may be multifaceted, involving economics, media control, politics, banking and Finance, education, culture, sport, and all aspects of human resource development (including recruitment and training of workers).
3. Wealthy nations actively contradict attempts by dependent nations to resist their influence by means of economic sanctions and/or the use of military force.
Strengths of the theory.
1. Theory analyses the inequality existing between the poor and rich countries.
2. The theory breaks some political bonds and explains reasons why the wealthy nations are taking advantage of the poor countries.
3. The theory dismisses the neoclassical theory’s which claims that the existing global inequality is caused by the country laziness, instead it argues in favour of the underdeveloped countries.
Weakness of the theory.
1. Theory does not explain other factors that lead to under development other than the role played by the wealthy nation.
2. The theory was based on un- realistic perception and miss interpreted the Marxist
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