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Within the European Values Study (EVS) a discussion has been going on for decades on the strategic question of whether it is better to use a grand theory to make sense of the findings of its cross-national surveys or whether the researchers should instead use partial or middle-range theories. This chapter attempts to make an assessment of this debate. In the 1990’s several EVS-researchers opted for a rather simple and parsimonious theoretical model to explain cross-national value differences and value changes. This model they derived from modernization theory. However, after some initial success the model proved to be too simple. In the following decades it made place for a much more complex one, although modernization theory remained to be the hard core of the model. Some value researchers persevered despite half-hearted successes. Others dropped out and admitted themselves to the camp of the middle-range theories enthusiasts. This raises the additional question of what the virtues and vices of grand theories and middle-range theories are. This question too is examined in this chapter. Finally, an alternative grand theory is proposed as a possible viable alternative, cognitivist rational choice theory.