ECONOMICS (CBSE/UGC NET)

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: -Rostow’s Model of Development is a model of economic development created by W.W. Rostow in 1960 to be used as a guide for underdeveloped countries. The main characteristics of Rostow’s model are industrialization, urbanization, and economic growth and development.

Detailed explanation-3: -Rostow’s model summarises economic growth of countries into five different stages: traditional society-characterised by subsistence farming or hunter-gathering. preconditions for take off-manufacturing industry begins to develop, and a country develops an international outlook.

Detailed explanation-4: -The fourth stage is known as the drive to maturity. This stage is about diversification and expansion. The economy in this stage of growth will be developing new and more sophisticated industries.