The correct answer to this open question is the following.
Modernization theory.
Some scholars such as Armer, the Modernization theory establishes that nations that have low-income workers have repercussions for the lack of industries and the way to improve their condition is to create the kind of industries that offer jobs and produce goods to export.
On the other hand, the Dependency theory states that the reason for inequality in a globalized world is the result of the dominion of wealthy countries that exploit the raw materials and natural resources of developing nations. This generates a dependency vicious cycle so difficult to leave by the developing nation. This country is os tied to the trade relationship with the wealthy country.
I think the Dependency theory is more useful for explaining global inequality because it clearly exemplifies how the powerful nation takes advantage of its power and wealth to keep on exploiting the natural resources of developing countries, as is the case of many developed nations that have a presence in Central America, Latin America, Africa, India, and Southeast Asia.
Globalization will continue to affect the world in the 21st century. However, more and more nations are changing their minds and had elected conservative candidates or nationalistic politicians to be their presidents. This completely changes the nature of globalization.
