The surge in academic work on globalization has made several of the topics dear to authors of the dependency school relevant once again. Therefore a reconsideration of dependency theory seems to be appropriate. There are at least two approaches to dependency. This paper analyzes critically their similarities, differences and limitations, in particular regarding the role of technology, and international finance in the explanation of center and periphery interactions. The evolutions of the ideas on dependency in Latin America are evaluated. The reduced relevance of strict definitions of the technological division of labor, and the theoretical problems caused by the effective industrialization of several countries in the periphery, the debt crisis, and the failure of the neoliberal agenda are also discussed. In the era of globalization and great transformations in the international economy the 'new' dependency seems to be financial in nature.
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Length: 28 pages Date of creation: Jun 2004 Date of revision: Publication status: Published in Review of Radical Political Economics, 38(4), pp.551-568. Handle: RePEc:uta:papers:2004_06
Find related papers by JEL classification: B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General O54 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
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