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: -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.
Detailed explanation-2: -Traditional Society: This stage is characterized by a subsistent, agricultural based economy, with intensive labor and low levels of trading, and a population that does not have a scientific perspective on the world and technology.
Detailed explanation-3: -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. The preconditions for take-off.
Detailed explanation-4: -According to Rostow, the first stage of economic development consists of traditional society. Traditional societies focus on the most basic of economic activities, such as farming and extraction industries like mining and harvesting of timber.