ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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4
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3
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8
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5
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Detailed explanation-1: -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-2: -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-3: -1960. The Stages of Economic Growth: A Non-Communist Manifesto. Cambridge. Rostow identified five stages of economic growth.
Detailed explanation-4: -According to Rostow’s model, developed nations like Britain, USA, Germany, Japan, and Canada are in the fifth stage.
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.