Describe dependency theory and delineate its salient features.

Dependency Theory:

Dependency theory is a socio-economic and political theory that emerged in the mid-20th century as a response to the challenges faced by developing countries in their efforts to achieve economic growth, industrialization, and overall development. The theory suggests that the global economic system is characterized by unequal relationships between developed and developing countries, with the latter being dependent on the former for resources, markets, technology, and capital. Dependency theory critiques the notion that development can be achieved through free-market capitalism and instead highlights the structural factors that perpetuate underdevelopment and poverty in certain regions.

Salient Features of Dependency Theory:

1. Historical Context: Dependency theory emerged in the 1950s and 1960s as a reaction to the dominant development theories of the time, which often advocated for modernization, industrialization, and Western-style economic models. Dependency theorists argued that these approaches failed to address the systemic inequalities that hindered development in ________ _________ ____ _____ _______ _____.
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