Modernization Theory posited that societies progress through predictable and universal stages of development from traditional to modern. It was influenced by evolutionary and functionalist theories. Relatively modernized societies are characterized by specialization, rational cultural norms, and emphasis on markets, while relatively non-modern societies emphasize tradition, particularism, and self-sufficiency. Late industrializers have advantages like learning from others but also challenges converting resources and disappointing expectations. Theories assumed modernization was systematic, transformative, phased, and brought countries closer to Western models through diffusion, but critics argue it ignored foreign influence and need for indigenous values.