ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The five stages that Rostow lists are: traditional society, preconditions to take-off, take-off, drive to maturity, and age of high mass consumption. Rostow explained that these are the steps that should be taken by a nation to become fully developed.

Detailed explanation-2: -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-3: -According to Rostow’s model, developed nations like Britain, USA, Germany, Japan, and Canada are in the fifth stage.

Detailed explanation-4: -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-5: -Rostow’s model predicts how a country’s level of development changes over time, it describes how a country’s economy changes from relying most on primary industry (e.g. agriculture), through secondary industry (e.g. manufacturing goods) to tertiary and quaternary industry (e.g. services and research).