ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Stage 1:Traditional Society
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Stage 2:Pre-Condition for Take-Off
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Stage 3:Take-Off
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Stage 4:Drive to Maturity
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Stage 5:High Mass Consumption
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Detailed explanation-1: -The second stage of economic development is a transitional stage that establish the conditions necessary for further growth and development. This stage is referred to as preconditions to takeoff. At this stage, science and technology start to progress, which aids in economic productivity.
Detailed explanation-2: -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.
Detailed explanation-3: -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-4: -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.