Final answer:
Commodity chains are most closely associated with world systems theory, which is a sociological framework examining global inequality through the division of the world into core, semi-peripheral, and peripheral nations, where dependency theory highlights the exploitation of the latter by the former.
Step-by-step explanation:
The concept of commodity chains is closely associated with world systems theory. This theory, part of the broader sociological analysis of global inequality, is connected with the concept that there is a world economic system that must be understood as a single unit, as opposed to simply the sum of its parts. World systems theory divides the world into core, semi-peripheral, and peripheral nations, where core nations benefit the most from the global economic system at the expense of semi-peripheral and peripheral nations.
Dependency theory similarly argues that global inequality arises from core nations exploiting the resources and labor of peripheral and semi-peripheral countries, leading to a cycle of dependence. In essence, dependency theory can be viewed as a reaction to modernization theory, the latter suggesting that global economies evolve through technological advancement and industrialization, leading them toward a higher degree of development. While modernization theory is associated with a more optimistic view of economic progress and development, dependency theory provides a critique highlighting the relationship between developed and developing nations in terms of power dynamics and economic exploitation.