Under the course of academic writing, i made a ppt for assignment under which i have explained stages of growth theory

1. ROSTOW'S STAGES OF ECONOMIC GROWTH
PRESENTED BY:
ANUPAM SHIKHA
APPLICATION NUMBER.- 78832df0ecea11e9a537351b67619a61
DEPARTMENT OF ECONOMIC STUDIES
AFFILIATION- CENTRAL UNIVERSITY OF PUNJAB, BATHINDA

2. ACKNOWLEDGEMENT
First of all, I would like to thanks god for giving me the strength, knowledge, ability and opportunity
to undertake this course. Further, I want to thanks “academic writing” course which provides me a
platform to learn and acquire knowledge in field of academic writing. I also thankful to the team of
MOOC course “academic writing” for providing us informative and qualitative session through video
lecture, PDF files and self assessment quiz and graded quiz.
At last but not the least I am thankful to my parents, teachers, and friends for their
precious help.
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3. STAGES OF GROWTH
• W. W. Rostow has explained 5 stages for the process of economic development. He
describe historical process of transition from underdevelopment to development in
terms of series of five stages.
1. Traditional society
2. Pre- conditions for take off
3. Take off
4. Drive to maturity
5. Age of high mass consumption
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4. TRADITIONAL SOCIETY
• Subsistent, agriculture based economy, with labor intensive and low level
of trading.
• All pre industrial societies termed as traditional society.
• Main occupation is agriculture.
• Peoples are interested in spiritual and religious aspects.
• Absence of modern science and technology.
• Concentration of political power in hands of big landlord.
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5. PRE CONDITION FOR TAKE OFF
• Changes of fundamental nature in the socio political structure and production
technique.
• agriculture produce sufficient food-grains to meet the demand of growing
population.
• Expansion of socio overhead capital.
• Expansion of trade.
• Stage require evaluation of modern science, development of technology,
increasing agriculture productivity.
• Widening the extent of market and expansion of internal and external trade.
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6. TAKE OFF STAGE
• There are three conditions for take off:
1. rate of net investment over 10% of national income.
2. development of one or more substantial manufacturing sector with high
growth rate.
3.quick emergence of political social and institutional framework.
• Urbanization increases, industrialization proceeds, technologies
breakthrough occur.
• Secondary sectors develop more than primary sector.
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7. CONDITION OF TAKE OFF STAGE
EXPLANATIONS
• Capital output ratio tends to decline with change in investment pattern.
• New production function along with expansion of capacity must be
introduced.
• Possibilities of innovation in primary growth sectors is higher than other
part of economy, so that growth in supplementary growth sector.
• Emergence of cultural framework that exploits the impulses to expansion
in the modern sector.
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8. DRIVE TO MATURITY
• Period of long sustained economic growth extending well over four
decades.
• Labor forces are more organized and wages increased.
• Increase investment from 10 to 20% of NNP.
• New production techniques take the place of old ones.
• Diversification of industrial base, rapid development of transportation
infrastructure and social infrastructure.
• Society bored with industrialization and want some further changes.
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9. AGE OF HIGH MASS CONSUMPTION
• After maturity society shift from problem of production to problem of
consumption and of welfare in the widest sense.
• Per capita income increases so that disposable income increases beyond
all basic needs.
• A movement of population away from rural countrysides to cities.
• Redistribution of income through progressive taxation.
• Widespread and normative consumption of high values consumer goods
like automobile.
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10. CRITICISM OF THE THEORY
• Traditional society is not essential for development.
• Historical experience of under developed countries contradict the Rostow
theory.
• Argument of S. Kuznets, no distinction between the stage of pre condition
take off and the takeoff.
• Meier’s argument, history of economic growth cannot generalized for every
economy.
• Model based only on developed countries like America and Europe, does not
apply to Asian or African countries.
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11. REFERENCE
• Jhingan, M. L., (2012), the economics of development and planning, varinda
publication (p) LTD., New Delhi.
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12. FEEDBACK
The course Academic writing(SWAYAM) is really good, admirable and
productive. We learn lots of subjective as well as practical techniques for
writing any paper through this course. After completion of this course I had
experienced many more things which I never known before taking this
course. All the stages and norms for academic writing explained very well in
this course. I really want to appreciate our course coordinator and other
faculty member of this course for the inspiring, motivating and delivering
such an productive and informative session to us.
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13. THANK YOU