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Surname 1 Student Name Professor’s Name Course Date Modernization, Dependency and Neoliberalism A proper comprehension of Modernization theory states that an increase in technology will increase wealth throughout the world. It also holds that low-income countries can follow the footsteps of the modernized, wealthier nations ( Hout 2016: 21). On the other hand, the dependency theory states that some countries accumulated the wealth they have at the expense of other countries, primarily through colonization ( Rostow, 1959: 1). Neoliberalism is a new term used to refer to market reforms’ policies, for instance, deregulation of capital markets, elimination of price controls, and the reduction of government influence in the economy through austerity and privatization ( Harvey 2007: 2). The purpose of this paper is to give a comparative analysis of theories of international development. This paper will compare Modernization, dependency, neoliberalism theories/ideas. The theories of modernization and dependency differ in the points that they represent concerning international development ( Hout 2016: 23). The contexts of the two approaches also differ from that of neoliberalism. The modernization theory was guided by Western thought’s classical interests with different political, social, and economic transformation. Like the modernization approach was inspired by the 19th and early 20th-century social theorists, most of the dependency theorists carried on the radical tradition introduced by the neo-Marxist and the Marxist analyses of imperialism and capitalism in the same epoch.
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