Modernization is a process of social, economic and cultural transformation evolves from the underdeveloped status to a modern society. 
- Modernization theorists believed that what prevents countries from developing further is their resistance towards letting go of western values and allowing free-market principles.

-Rostow’s modernization theory states all countries need to move from being traditional societies and be open to new ideas for development to take place.

- The dependency theory developed in the 1960s to address the underdevelopment of the Third world countries. It challenged the basic tenet of modernization theory. 
-The traditional dependency theory can be a useful tool for explaining global inequalities despite the challenges of the 21st century. 
-Dependency is a situation in which the development and expansion of one economy is at the expense of another economy. It is the interdependence between two or more economies meaning the developed countries can have either a positive or a negative effect on the immediate development of less developed countries.