ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Rostow’s third stage is known as takeoff. In this stage, a handful of key new industries start to emerge in the national economy that help drive further economic growth. For example, the development of a steel industry may drive growth in an economy with ready access to iron ore.

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, “Take-off is an industrial revolution, tied directly to radical changes in methods of production, having their decisive consequences over a relatively short period of time.” It is also called ‘a great watershed in the life of modern societies.

Detailed explanation-4: -The take-off stage is the 3rd stage of growth. The period of this stage is approximately 20 to 30 years during the time period where the development process of an economy is self-reliant and automatic.