Explain the theory of dependency and analyse its limitations.
The theory of dependency emerged in the 1960s and 1970s as a response to the prevailing understanding of international relations. It aimed to explain the relationship between developed and underdeveloped nations, focusing on economic and political interactions and their implications for global power dynamics. The theory primarily contends that the development of less developed countries (LDCs) is obstructed and perpetually undermined by their dependence on more developed countries (MDCs) and the global capitalist system.
At its core, dependency theory suggests that historical colonialism and neocolonialism have created an imbalanced global system. It argues that the economic development of underdeveloped nations is stunted due to their integration into the global economy in a way that benefits the developed nations. This integration often leads to the perpetuation of unequal power relations and reinforces the dominance of developed countries over the less developed ones.
The theory highlights several key aspects:
1. Unequal Exchange: Dependency theorists argue that the global economic system is structured in a way that disadvantages LDCs. They claim that LDCs are compelled to export primary goods (often raw materials) at low prices and import manufactured goods at higher prices. This
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