The most widely known development theory is which is a perspective that links global inequality to different levels of economic development and suggests that low-income economies can move to middle- and high-income economies by achieving self-sustained economic growth.

The most widely known development theory is modernization theory, which is a perspective that links global inequality to different levels of economic development and suggests that low-income economies can move to middle- and high-income economies by achieving self-sustained economic growth.

Explanation:

Modernization theory both attempts to identify the social variables that contribute to social progress and development of societies and seeks to explain the process of social evolution. Modernization theory is subject to criticism originating among socialist and free-market ideologies, world-systems theorists, globalization theorists and dependency theorists among others. Modernization theory stresses not only the process of change but also the responses to that change. It also looks at internal dynamics while referring to social and cultural structures and the adaptation of new technologies. Modernization theory maintains that traditional societies will develop as they adopt more modern practices. Proponents of modernization theory claim that modern states are wealthier and more powerful and that their citizens are freer to enjoy a higher standard of living. Developments such as new data technology and the need to update traditional methods in transport, communication and production, it is argued, make modernization necessary or at least preferable to the status quo. That view makes critique difficult since it implies that such developments control the limits of human interaction, not vice versa.

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