Final answer:
Modernization theory and dependency theory are two perspectives used to study global inequality. Modernization theory suggests that countries follow a linear path of development and industrialization to reduce inequality. Dependency theory argues that global inequality is a result of core nations exploiting peripheral and semi-peripheral countries for resources and labor.
Step-by-step explanation:
Modernization theory and dependency theory are two perspectives used to study global inequality. Modernization theory suggests that countries follow a linear path of development and industrialization to reduce inequality. Dependency theory, on the other hand, argues that global inequality is a result of core nations exploiting peripheral and semi-peripheral countries for resources and labor.
For example, modernization theory would argue that countries like South Korea and Taiwan successfully reduced inequality by embracing industrialization and technology. On the other hand, dependency theory would point out how multinational corporations headquartered in core nations exploit workers in peripheral countries, perpetuating inequality.
Which theory is more useful for explaining global inequality depends on the context and perspective. Modernization theory may be useful to explain the success of certain countries, while dependency theory provides insights into the structural causes of inequality on a global scale.