On the Contemporary Relevance of Dependency Perspective: a Critical Appraisal

Abstract

Is dependency theory dead as an explanation of underdevelopment today? Today, a broad consensus answers this question in the affirmative. In contrast to this commonly-held contention, this study counter-argues that despite the need of refinement to account for the recent changes that have taken place in global economy, a certain strand of dependency analyses still maintains validity, and offers inspirations for those wanting to address limits and prospects of capitalist development. The study first critically surveys the barrage of criticisms levied against the dependency school, since any revisiting of this archaic line of thought might be quite easily subjected to an outright dismissal beforehand. Then, the study reveals that the conceptualization of dependency as elaborated by historical-structural dependency analyses still maintains validity, and when wisely applied to the new conditions, offers a basilar IPE framework to address the limits, prospects, and divergent patterns of development in today’s Global South.