Final answer:
Both the Western and Soviet blocs during the Cold War believed in industrialization as the key to development, aligning with the modernist paradigm. Modernization theory, with its focus on economic growth and technology, was prominent in shaping IPE post-Cold War. Despite its widespread acceptance, the theory has been critiqued for ethnocentric biases. The correct answer is option d.
Step-by-step explanation:
Despite their differences, both the Western bloc and the Soviet bloc during the Cold War era shared the modernist paradigm, believing in industrialization as the vehicle for development in each. This is because the primary driver of modernization theory is considered to be industrialization, as it pertains to the systemic leap towards more advanced technological and industrial systems within societies.
According to modernization theory, nations evolve toward higher stages of development as their citizens embrace cultural values that emphasize hard work and success, ultimately leading to more advanced technology and complex industry structures. Modernization theory has been a dominant perspective in International Political Economy (IPE) after the end of the Cold War as it gained attention for its potential to bring about economic growth and democracy to developing societies.
However, a critique of modernization theory is its inherent ethnocentric bias, which sometimes overlooks the unique circumstances and challenges faced by different countries. Moreover, modernization and democratization have been found to be highly correlated, although the exact mechanism linking economic growth to the establishment of democracy remains to be fully understood.