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: -Take-off: Rostow describes this stage as a short period of intensive growth, in which industrialization begins to occur, and workers and institutions become concentrated around a new industry.
Detailed explanation-2: -Take-off occurs when sector led growth becomes common and society is driven more by economic processes than traditions. At this point, the norms of economic growth are well established and growth becomes a nation’s “second nature” and a shared goal.
Detailed explanation-3: -For example, most sub-Saharan countries would be in stage 2, while developing economies like Vietnam and Thailand are in stage 3. The UK would have also been found here back in the Industrial Revolution years of the mid-1800s.
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.