ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Rostow’s stages of economic growth model is one of the major historical models of economic growth. It was published by American economist Walt Whitman Rostow in 1960. The model postulates that economic growth occurs in five basic stages, of varying length: The traditional society.

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: -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-4: -According to Rostow’s model, developed nations like Britain, USA, Germany, Japan, and Canada are in the fifth stage.

Detailed explanation-5: -Rostow assumes that all countries have an equal chance to develop, without regard to population size, natural resources, or location.