This essay shall discuss two theories of development – modernisation and dependency theory (MT and DT). In this limited space, I shall narrow my analysis down to two of the staunchest representatives of each camp: Walt W. Rostow and André G. Frank. Also, because it is impossible to discuss their broad publications, I shall subject only the very core of their theories to scrutiny here. After (1) a quest for the shared assumptions of both theories, this account will discuss (2) Rostow’s idea of stages of economic growth (1959) and (3) Frank’s notion of development of underdevelopment (1966), both with their policy implications1. I will treat these mutually exclusive ideas as thesis and anti-thesis and shortly discuss (4) the direction into which a synthesis could go (and maybe has gone).