This paper evaluates both inductive and deductive methods with respect to theory building particularly in the social sciences. The former is an approach for drawing conclusions by proceeding from the specific to the general, while as per the latter, a hypothesis is usually developed and subsequently tested based on further evidence. This paper also evaluates nomothetic approaches in opposition to idiographic or stand-alone approaches with respect to theorization or theory-formulation as well, and recommends that a combination of the two be used. It also discusses the application of grounded theory in social sciences research besides other approaches to theorization as well. While choosing a appropriate research method is the prerogative of the researcher, based on the research question involved, the researcher’s personal inclinations, besides time and cost considerations, this paper hopes to generate awareness of more globalized and inclusive approaches to scientific endeavour. This is as such, our fifth paper on the philosophy of science, and extends our earlier work which primarily focused on the importance of the social duties of every researcher and scholar, the principle of exceptionism or the sociological ninety ten rule, the certainty uncertainty principle, and the importance of cross-cultural research design. This paper is also therefore the logical culmination of all our earlier endeavours, and forms an integral part of our “Globalization of science” movement, with particular emphasis on the social sciences.