Explanation:
The modernization theory explains the process of transforming from traditional society to modern society and consist of the following processes-
(1) Technological advancement - Here, the traditional knowledge is replaced with modern techniques and scientific information proves the things.
(2) Development of agriculture - Since agriculture provides major source for advancement, new machines are brought in use that will increase the productivity to gain more benefits. There will a change from subsistence type of farming into modern farming with modern tools and technology
(3) Urbanization - due to uncontrolled migration from rural to urban, there is increase in the rate of urbanization
(4) Industrialization - Now human are replaced with machines
(5) Telecommunication - it includes digitalization the economy, better news broadcasting, entertainment etc.
All these processes have similarities and differences since they are all interrelated. Similarity is that all these processes lead to increase in profit that would further help in increasing per capita income and thus more productivity and better development. You can take an example of US economy which is highly advanced and has all these sub processes going on there .
