December 2024
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197 Reads
This paper examines the contemporary relevance of dependency theory in understanding global inequalities and guiding development policy. Dependency theory, which emerged in the 1950s as a critique of classical economic frameworks, challenged dominant paradigms by highlighting the exploitative structural relationships between the Global North and South. While the theory's influence has waned amidst critiques and changing global dynamics, recent scholarship and policy debates signal a revival of interest in its insights. Drawing on the historical context of its emergence and its foundational tenets, this paper argues that dependency theory provides a robust framework for analysing modern economic challenges, including global inequality, underdevelopment, and the developmental strategies of emerging economies. Through a structured analysis, the paper addresses critiques of the theory, explores its adaptability to contemporary contexts, and emphasises its utility in shaping equitable and sustainable development policies. The findings underscore the enduring relevance of dependency theory in addressing the complexities of global economic interdependence.