GENERAL KNOWLEDGE

Detailed explanation-1: -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-2: -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-3: -The third significant stage of growth is the stage of take-off. The period of this stage is 20 to 30 years during which the economy development process is automatic and the economy becomes self-reliant. Self-reliance, means that the economy can develop without external assistance.

Detailed explanation-4: -Stages of Economic Growth and Economic Development Still, most development economists agree that the key stages of development are related to three different transitions: a) a structural transformation of the economy, b) a demographic transition, and c) a process of urbanization.