Modernization theory posits that modernization is a phased, homogenizing process where less developed societies become more like developed Western societies over time. It views Western Europe and the United States as models of unmatched economic prosperity and stability. Modernization theory argues development requires Third World countries to adopt Western values. Though popular in the 1950s, it received criticism by the late 1960s for assuming development follows a single path and only considers the Western model as favored.