What are the different theoretical approaches to explaining global stratification?

Question

Please provide the best answer for the statement

Answer 1

1. Modernization theory: Low-income nations can improve economically if they urbanize
and industrialize, and if they change their cultures, to be more like high-income nations. In
other words, as low-income nations become more like high-income nations, low-income
nations will see economic development.
Dependency theory: The economic positions of wealthy and poorer nations are
interconnected. Wealthy nations use the natural resources and cheap labor of low-income
nations, which benefits wealthy nations and keeps low-income nations in a position of
dependency.
3. World systems theory: The world is divided by its connection to economic power. The
theory separates countries into core nations, which are industrialized and seek to expand
their power; periphery nations, which are rich in resources and into which core nations
expand; semi-periphery nations, which are those that use their raw materials to
manufacture goods that can be sold to core nations, while keeping more wealth in the
country; and external nations, which have little interaction with the rest of the system.
4. Neocolonialism: A process by which powerful nations use loans and economic power to
maintain control over poor nations.
5. Globalization: A complex process by which the world and its international economy are
becoming more economically, culturally, and politically intertwined.