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: -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-2: -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-3: -Preconditions to takeoff is characterized by an increase in productivity brought by science, technology, and investment in infrastructure necessary for continued growth.
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.