Rostow's Modernization Theory: This theory suggests that countries go through five distinct stages (traditional society, preconditions for takeoff, takeoff, drive to maturity, and high mass consumption) on their path towards economic development.
Dependency Theory: This theory argues that developing countries remain underdeveloped due to their dependence on more powerful and developed nations.
Structuralism Theory: This theory emphasizes the importance of structural factors such as income distribution and institutional arrangements in shaping a country's economic development.