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between countries which affect their economic as well as social conditions. The modernization theory argues that developed countries will be better off when they let the natural forces of competition take full charge in the economy. It favors the free markets to trigger economic progress or prosperity. However, critics argue that it is impossible to have free markets operating effectively as the role of the government cannot be underscored. Government’s influence on the economy is evident when it interacts with the private companies to promote exports, restrict imports or even in the deterrence of the importation or production of certain goods. (Lipsey & Chrystal 2008:13). The modernization theory is also criticized for being Eurocentric in its analysis of the third world countries. It also fails to appreciate or rather take into account that countries cannot be industrialized at the same rate.

Dependency theories

According to the dependency theories, the core meaning of development was economic growth due to accumulation which saw or rather led to the development of underdeveloped economies. It emphasized on the ‘auto-centric development’ or ‘national accumulation’. The dependency theory tries to explain why some countries remain poor for long periods of time or why they are undeveloped. It adopts the aspect of exploitation of the poor countries by the rich or powerful countries. This theory can be clearly explained by the manner in which the European countries as well as the US have strong interests in poor countries such as Iran and Iraq which are popular for their rich endowment in natural resources precisely fuels. The argument here is that the poor countries are poor due to the exploitation by the rich or powerful countries. A perfect illustration of the dependency theory of economic development is economic prosperity recorded in the 1600 by the European nations which colonized Africa, Asia and the Americas as they searched for raw materials as well as market for their products. Colonialism aimed at keeping the undeveloped countries poor to reduce competition with the developed and powerful nations. Britain would for instance purchase cheap cotton from India, process it into cloth in their mills before selling it at a higher price in India and earn huge profits. They deterred the development of Indian mills which would have produced cheaper clothes. During the colonialism era, dependency was maintained for as long as the powerful and developed countries controlled the political as well as military organization of the poor nations. Although colonialism was soon eliminated when it became very expensive to maintain troops in foreign nations, a new form of exploitation was adopted. The developed nations still intervene by sending troops as well as imposing restrictions which could be political or economical in nature to ensure their sustained control and dependence of these nations. They impose price controls, tariffs as well as control their accessibility to credit. They also control the prices of raw materials at very low rates and since most less developed countries rely on such exports, they acquire minimal profits to reasonable economic development. Such control is defined or rather referred to as neocolonialism where control and dependence of the poor by the rich is sustained although without the direct political as well as economical involvement. Poor countries remain in huge debts and are forc