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Please sign up to read full document. In order to understand the most important differences between the modernization theory and the dependency theory, we must first understand what these theories mean. Modernization theory is the process of transforming from a traditional or underdeveloped society to a modern Western societies way of life. So what is modernization and what does this theory consist of? To put it simply, modernization is the economic growth within societies.
The modernization theory believes that there are steps to success for every country. The Dependency theory emerged in the 1960s but became popular in the 1970s. This theory also, addressed such issues as poverty and economic underdevelopment throughout the world. The dependency theory, believed that the Global North exploits the Global South.
According to dependency theory, underdevelopment is a product of capitalist development. However, the question if have these theories evolved throughout the years? The modernization theory has changed over level of three waves. The second wave of the modernization theory was popular during the 1970s and 1980s.