ECONOMICS
ECONOMIC GROWTH
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Stage 1:Traditional Society
|
|
|
Stage 2:Pre-Condition for Take-Off
|
|
|
Stage 3:Take-Off
|
|
|
Stage 4:Drive to Maturity
|
|
|
Stage 5:High Mass Consumption
|
Detailed explanation-1: -The drive to maturity Rostow defines it “as the period when a society has effectively applied the range of modern technology to the bulk of its resources.” Now regularly growing economy drives to extend modern technology over the whole front of its economic activity.
Detailed explanation-2: -Drive to Maturity: This stage takes place over a long period of time, as standards of living rise, use of technology increases, and the national economy grows and diversifies.
Detailed explanation-3: -For instance; Rostow () describes the various linear stages modernization i.e. Traditional, Pre-condition to take off, take off, drive to maturity and age of 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.