Modernization theory states that underdevelopment is a condition caused by problems internal to the country (Understanding). These problems include the beliefs, attitudes and values of the people, the culture, the country's government, and its policies. A country's prosperity is dependent on its changing to a market economy, and making use of the country's resources, and ingenuity is critical to this development in promoting a competitive advantage (LDCs). Stability is attained by changing from a culture of violence, and promoting democratic reforms.
In modernization theory, problems which held back the industrialization of poor countries are related to the irrational way in which the resources are allocated in a traditional society
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Category: Economics - M
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