This chapter explores dependency theories in relation to the theories of the capitalist world system, which highlight the persistent underdevelopment of dependent countries and the simultaneous development of dominant nations. The introduction establishes the historical backdrop and theoretical foundations of these perspectives. The discourse unfolds the understanding of underdevelopment with an examination of dependency and neocolonialism, unravelling the intricate dynamics of economic interdependence. Dependency Theories, proposed by Prebisch, Celso Furtado, Fernando Cardoso, and Dos Santos, are scrutinized, emphasizing their contributions to understanding global economic disparities. These theories underscore the extent to which colonial dependence, reliance on multinational corporations, and dependence on foreign aid and loans contribute to the underdevelopment of dependent countries. This chapter critically explores the limitations of these theories through rigorous analysis.