There is much criticism that modernization theory is Eurocentric. Do you think dependency theory and globalization theory are also biased? Why or why not? Compare and contrast modernization theory, dependency theory, and globalization theory. Which do you think is more useful for explaining global inequality? Explain, using examples. Several theories have attempted to address the global socio-economic trends that have been brought to light in the wake of increased awareness through the globalization process. The modernization, dependency and globalization theory represent just three examples of theoretical arguments that have explored the realities of the economic inequalities across the globe. The modernization theory has been postulated by Armer and Katsillis, 2010. The position they have taken is that “low-income countries are affected by their lack of industrialization and can improve their global economic standing through an adjustment of cultural values and attitudes to work as well as industrialization and other forms of economic growth”. (Little, W. et al, 2014). The dependency theory was created in response to the modernization theory by Hendricks (2010). According to Hendricks (2010), cited by Little, et al (2014), “global inequality is primarily caused by core nations (or high-income nations) exploiting semi-peripheral and peripheral nations (or middle-income and low-income nations), creating a cycle of dependence”. The extension to that argument is that as long as the poorer nations, (classified as peripheral nations) are dependent on core nations (richer
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