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: -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: -A country is said to have taken off in terms of economic growth if it has effectively applied radical changes to its available resources and has set forth on a path of sustained economic growth extending for decades (Rostow 1960).
Detailed explanation-3: -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.