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What is Dependency Theory and how does it apply to development?

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  • Essay length: 1409 words
  • Submitted: 24/09/2012
  • Awarding body: Not known/Not applicable
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AS and A Level Global Interdependence & Economic Transition

The first 200 words of this essay...

Antoine Le Mézo 2nd SIA

What is Dependency Theory and how does it apply to development?

Dependency Theory was developed in the late 1950âs by Raul Prebisch, Director of the United Nations Economic Commission for Latin America, as a reaction to modernization theory. He believed that the economic growth in the advanced industrialized countries (the First world) did not necessarily lead to growth in the poorer countries (the Third World). Indeed, economic activity in the richer countries often led to severe economic problems in the poorer countries. As a field, development economics looks not only at traditional economic rubrics, such as GDP or per-capital income, but also looks at things like standard of living, health care, education, and equal rights opportunities.

In this essay I am going to write about the Dependency Theory, its history, its ideas and later on, on how it applies to Development. I think that this theory allows us to examine the economic balance in the world today.

The dependency theory can be considered as an opposition to the well - known free market theory. The free market ideology holds that open markets and free trade benefit developing nations, helping them

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