Programme Code: MSO
Course Code: MSO-003
Assignment Code: MSO-003/AST/TMA/2024-25
Dependency theory is a sociological and economic framework that explains the persistent underdevelopment of poorer countries by examining the exploitative relationships between developed and developing nations. It emerged as a critique of modernization theory, which posits that all societies follow a linear path of development.
Salient Features of Dependency Theory
- Core-Periphery Model:
- Concept: Dependency theory divides the world into core, semi-peripheral, and peripheral countries.
- Core Countries: These are highly industrialized and economically advanced nations that exploit resources from other countries.
- Peripheral Countries: These are less developed nations that are dependent on core countries for economic growth and are often exploited for their raw materials and labor.
- Semi-Peripheral Countries: These countries fall in between core and peripheral, exhibiting characteristics of both and often acting as intermediaries in the global economic system.
- Concept: Dependency theory divides the world into core, semi-peripheral, and peripheral countries.
- Unequal Exchange:
- Concept: The theory posits that the economic relationship between core and peripheral countries is inherently unequal. Core countries benefit from this relationship by extracting resources and labor from peripheral countries while maintaining economic dominance.
- Mechanism: Peripheral countries export raw materials and agricultural products at low prices, while they import manufactured goods from core countries at higher prices, leading to a trade imbalance.
- Historical and Structural Factors:
- Colonial Legacy: Dependency theory emphasizes the historical context of colonialism, which established exploitative economic relationships that persist today. Colonial powers created economic structures in their colonies designed to serve their interests, which have continued to disadvantage former colonies.
- Global Economic System: The theory argues that the global economic system was designed to benefit developed nations while keeping developing countries in a position of dependency and underdevelopment.
- Development of Underdevelopment:
- Concept: According to dependency theory, the underdevelopment of peripheral countries is not a natural state but a consequence of their economic exploitation by core countries. This means that the prosperity of core countries is linked to the impoverishment of peripheral countries.
- Mechanism: Structural factors such as unequal trade, foreign debt, and economic dependence contribute to the perpetuation of underdevelopment.
- Focus on Economic Relationships:
- Economic Dependency: Dependency theory centers on the economic relationships between countries, particularly how wealth and resources flow from developing to developed nations. It highlights how economic dependency perpetuates inequality and hinders the development of peripheral countries.
- Investment and Capital Flows: Core countries often control international capital flows and investment decisions, which can limit the development opportunities available to peripheral countries.
- Critique of Modernization Theory:
- Rejection of Linear Development: Dependency theory critiques the notion of linear development proposed by modernization theory. It argues that development does not occur uniformly and that the development of some nations comes at the expense of others.
- Alternative Perspective: Instead of viewing development as a one-way progression from traditional to modern, dependency theory views it as a complex and interdependent process influenced by historical and structural inequalities.
- Proposed Solutions:
- Autonomy and Self-Reliance: Dependency theorists often advocate for policies that promote economic self-reliance and reduce dependency on core countries. This can include diversifying economies, implementing protectionist policies, and developing local industries.
- Reform of Global Economic System: Some proponents suggest reforming the international economic system to address inequalities, such as fair trade practices, debt relief, and increased aid for development.
Summary
Dependency theory provides a framework for understanding the persistent economic inequalities between developed and developing countries. Its salient features include:
- Core-Periphery Model: Describes the global economic system as divided into core, semi-peripheral, and peripheral countries.
- Unequal Exchange: Highlights the exploitative economic relationships where core countries benefit at the expense of peripheral countries.
- Historical and Structural Factors: Emphasizes the impact of historical colonialism and the global economic system on development disparities.
- Development of Underdevelopment: Argues that underdevelopment in peripheral countries is a result of their exploitation.
- Critique of Modernization Theory: Challenges the notion of linear development and proposes alternative perspectives on development.
- Proposed Solutions: Advocates for economic self-reliance and reform of global economic systems to address inequalities.
By focusing on these aspects, dependency theory offers insights into the complex dynamics of global development and the challenges faced by developing countries in achieving economic and social progress.
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