The debate between modernization theory and dependency theory has been waged for decades without either being fully accepted. Billet attempts to bridge the gap in that debate by evaluating the underlying causes of economic discontent in the developing world. The author's evaluation is based on a theoretical and empirical analysis of the interrelatedness of external forms of development capital and the implications of these patterns not only for modernization and dependency theorists but also for the least developed countries of the world. The purpose of this analysis is two-fold: (1) to evaluate the degree to which modernization and/or dependency theory is applicable to the experiences of developing countries; and (2) to evaluate why external capital flows have resulted in an overabundance of economically discontented developing countries.
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About the Author
BRET L. BILLET is Assistant Professor of Political Science at Wartburg College in Iowa. Previously, he taught at the University of Cincinnati and Miami University. He is the author of Investment Behavior of Multinational Corportions in Developing Areas (1990).
Table of Contents
External Capital Sources and Economic Growth and Development in Less Developed Countries
Official Development Assistance
Foreign Debt, Government Involvement in the Economy, and Inflation
Military Aid, Economic Aid, and Political Instability
Conclusions and Implications