ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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state 2, preconditions to take off.
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stage 3, take off.
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stage 4, drive to maturity.
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stage 5, age of mass consumption.
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Detailed explanation-1: -The emerging economies of places like China and Argentina are in stage 4, while the USA, UK, and most western European countries are in stage 5. India is a difficult country to place on the model, due to its many regional variations.
Detailed explanation-2: -The drive to maturity Rostow defines it “as the period when a society has effectively applied the range of modern technology to the bulk of its resources.” Now regularly growing economy drives to extend modern technology over the whole front of its economic activity.
Detailed explanation-3: -Rostow argues that through increased investment, increased exposure to modernized, Western society, and changes in traditional culture and values, societies will become more highly developed.
Detailed explanation-4: -Brazil and Mexico provide examples of Rostow´s economic development theory. Brazilian late industrialization started after the World War II, allowed the country to reach the Take-Off stage (with urbanization, and the creation of secondary sector) and start the Drive to Maturity phase.