ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -IN HIS FAMOUS book, The Stages of Economic Growth, Rostow has divided the process of economic development of all societies into five stages: (1) the traditional society, (2) the preconditions for takeoff, (3) the takeoff, (4) the drive to maturity, and (5) the age of high mass consumption.

Detailed explanation-2: -4. Drive to Maturity: Period of Self-sustained Growth: This stage of economic growth occurs when the economy becomes mature and is capable of generating self-sustained growth. The rates of saving and investment are of such a magnitude that economic development becomes automatic.

Detailed explanation-3: -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-4: -The “take-off” stage, which is the third step, describes the moment when societies move toward full industrialization in certain specific ways, such as technological innovations, urbanization, production of secondary goods such as textiles, and intense growth in specific sectors.