Final answer:
According to modernization theory, low-income countries can go through the same development process as rich countries and eventually catch up in terms of economic development.
Step-by-step explanation:
The statement is true. According to modernization theory, low-income countries have the potential to go through the same development process that rich countries did and eventually catch up in terms of economic development. This theory suggests that as these countries undergo industrialization and adopt modern technologies and institutions, they will experience economic growth and development similar to that of previously developed nations.
For example, countries like Japan and South Korea were once considered low-income countries but have successfully achieved rapid economic growth and development, becoming high-income nations within a relatively short span of time.
It is important to note that the modernization theory is not without criticisms and debates, as there are alternative theories that propose different perspectives on the development process of countries. However, within the framework of modernization theory, the idea of convergence suggests that developing countries have the potential to catch up with developed countries over time.