SOCI 120 Lecture Notes - Lecture 14: International Inequality, Periphery Countries, Modernization Theory
Document Summary
Globalization- the development of social and economic relationships stretching worldwide. Global inequality- the systematic differences in wealth and power among countries. Market-oriented theories- theories about economic development that assume that the best possible econmoic consequences will result if individuals are free to make their own economic decisions, uninhibited by govermnment constraint. Modernization theory- a verison of market-oriented development theory that argues that low-income societies develop economically only if they give up their traditional ways and adopt modern economic institutions, technologies, and cultural values that emphasize savings and productive investment. Neoliberation- the economic belief that free-market forces, achieved by minimizing government restrictions on business, provide the only route to economic growth. Dependency theories- marxist theories of economic development arguing that the poverty of low- income countries stem directly from their exploitation by wealthy counties and by the transnational corporations that are based in wealthy countries.
