Dependency theory

Definition

Dependency theory suggests that economic development in much of the Global South is blocked due to the exploitation and dependence created by more industrialized nations. It argues that wealthy countries enrich themselves at the expense of poorer countries, leading to a persistent state of underdevelopment.

Related terms

Economic Development: The process by which a country improves the economic, political, and social well-being of its people.

Neocolonialism: The practice whereby powerful countries indirectly maintain influence over other countries, often through economic pressures or cultural dominance.

Global South:

A term used to describe countries considered to be among the less developed or developing nations, primarily located in Africa, Latin America, Asia, and Oceania