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Discuss the World-System Theory of Underdevelopment and How It Is

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Discuss the world-system theory of underdevelopment and how it is both similar to and different from dependency theory. What does world-system theory say about the prospects for development of underdeveloped nations?


Definitions:

Electric Power

The production and delivery of electricity through an interconnected network for uses such as lighting, heating, and powering appliances.

New Technology

The development and application of innovative tools, machines, techniques, and methods that improve the efficiency and productivity of operations.

Natural Monopolies

Industries where a single firm can supply a good or service to an entire market at a lower cost than two or more firms could, often due to economies of scale.

High Set-up Costs

Initial investments or expenses that are necessary to start a business or manufacturing process, which can act as a barrier to entry for new firms.

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