Modernisation theory is a version of market-oriented development theory that argues that low-income societies can develop economically only if they give up their traditional ways, values, and institutions and adopt modern economic institutions, technologies, and cultural values that emphasise savings, investment, individualism, and productive work. This theory suggests that development follows a linear path through distinct stages, from traditional to modern, and that less developed countries can achieve modernisation by emulating the paths taken by more developed Western nations. Modernisation theory often focuses on internal factors within developing countries, such as cultural barriers to progress, and advocates for the adoption of Western models of economic and political organisation. It has been influential in shaping development policies but has also faced criticism for its ethnocentric bias, its failure to account for historical and global power dynamics, and its assumption that all societies will follow the same path of development.