ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Stage 2
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Stage 3
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Stage 4
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Stage 5
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Detailed explanation-1: -There is a shift towards tertiary sector activity and the growth is sustained by the expansion of a middle class of consumers. According to Rostow’s model, developed nations like Britain, USA, Germany, Japan, and Canada are in the fifth stage.
Detailed explanation-2: -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-3: -The economical miracle can be divided into four stages: the recovery (1946–1954), the high increase (1955–1972), the steady increase (1972–1992), and the low increase (1992–2017).
Detailed explanation-4: -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-5: -Stage 3: Take-off. The Industrial Revolution began in England about 1750, and moved into Western Europe, Canada and the US in the early 1800s.