Modernisation theory 

Modernisation theory is a technological, economic, and cultural transition through which a nation "evolves" from a pre-industrial or underdeveloped society to a global society by following the prescriptions of the More Developed Countries (MDCs), such as the Northern countries 

-believes that a country's underdevelopment is due to the country's failure to transform into a modern economy.

-would want to substitute old methods with more modern methods.

-fails to see economic inequality and disparities in socioeconomic status.
 

dependency theory

dependency theory is  a state in which one economy's growth and extension is at the cost of another economy, as in slavery and colonization.

-believes that colonization of first world countries (MDCs) is to blame for a country's underdevelopment.

-promotes the interdependency between conventional and new methods for a country's growth explains and investigates global inequality and social status disparities

-believe that developed economies have benefited at the detriment of developing nations.