BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Unlike the stages of economic growth (which were proposed in 1960 by economist Walt Rostow as five basic stages: traditional society, preconditions for take-off, take-off, drive to maturity, and age of high mass consumption), there exists no clear definition for the stages of economic development.

Detailed explanation-2: -Using these ideas, Rostow penned his classic Stages of Economic Growth in 1960, which presented five steps through which all countries must pass to become developed: 1) traditional society, 2) preconditions to take-off, 3) take-off, 4) drive to maturity and 5) age of high mass consumption.

Detailed explanation-3: -The fifth stage of Rostow’s Stages of Development is characterized by widespread consumerism and mass consumption. According to Rostow this is the final stage in the development of a country’s economy.

Detailed explanation-4: -It was published by American economist Walt Whitman Rostow in 1960. The model postulates that economic growth occurs in five basic stages, of varying length: The traditional society.

Detailed explanation-5: -It is possible to identify all societies, in their economic dimensions, as lying within one of five categories: the traditional society, the preconditions for take-off, the take-off, the drive to maturity, and the age of high mass-consumption.