Explain the Dependency/World System theory in the context of Latin America.

Dependency theory is the notion that resources flow from a "periphery" of poor and underdeveloped states to a "core" of wealthy states, enriching the latter at the expense of the former. It is a central contention of dependency theory that poor states are impoverished and rich ones enriched by the way poor states are integrated into the "world system". This theory was officially developed in the late 1960s following World War II, as scholars searched for the root issue in the lack of development in Latin America.

The theory arose as a reaction to modernization theory, an earlier theory of development which held that all societies progress through similar _________ _______ ________ _________ ______ _______.
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