ECONOMICS (CBSE/UGC NET)

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: -After take-off there follows what might be called the drive to maturity. There are a variety of ways a stage of economic maturity might be defined: but for these purposes we define it as the period when a society has effectively applied the range of (then) modern technology to the bulk of its resources.