Explain the basic propositions of dependency theory. Discuss the three approaches to dependency theory in the context of Latin America.

Dependency theory is a perspective in the field of international relations and development studies that emerged in the mid-20th century, primarily to explain the economic disparities between developed and underdeveloped countries. Dependency theory posits that the global economic system is structured in a way that benefits the industrialized, wealthy nations (the "core") at the expense of the less developed, poorer nations (the "periphery"). The theory was particularly influential in Latin America, where it was used to analyze the region's economic challenges and underdevelopment. There are several basic propositions of dependency theory:

1. Unequal Exchange: Dependency theory argues that global trade is characterized by unequal exchange, where core countries exploit periphery countries by paying low prices for raw materials and agricultural products from the periphery while selling manufactured goods to the periphery at high prices. This perpetuates a cycle ________ ___ _____ _______ ____ _______ ________.
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