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11-13 - 10/27 Modernization Theory Underdevelopment is the...

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10/27 Modernization Theory Underdevelopment is the result of a set of internal deficiencies . Things like: - Insufficient capital formation - Outdated/inefficient business techniques and practices/weak human and physical infrastructure - Lack of the “right” kind of ethic/consciousness/mentality o Policy prescription : greater aid, investment, contact/exchange In strongest version, autarky – a policy of establishing a self-sufficient and independent national economy o Major criticism : modernization theory hasn’t worked all that well in practice Dependency Theory Seeks to explain underdevelopment by focusing on external environment in which such societies operate (i.e., larger world economy). Mechanisms that are claimed to foster/reinforce “dependency” are things like” - “Exploration through repatriation” (where are profits invested?) - Elite complicity (who benefits?) - Market vulnerability (owing to historical focus on raw material production or export) - Debt dependency (dept trap) -
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