-The above figure graphs the price of a bushel of wheat and housing starts. The graph shows the variables are
Definitions:
Modernization Theory
A theory suggesting that as societies develop, they will follow a similar path of development to those of more developed countries, emphasizing the role of technology and economic growth.
Dependency Theory
A theory suggesting that economic conditions in developing countries are largely influenced by their dependence on and relationships with developed countries.
World System Theory
A sociological perspective that analyzes the global economy as a complex system influenced by political and economic relationships.
Transnational Corporations
Large companies that operate in several countries, impacting local economies, cultures, and governance with their global business activities.
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