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Rostow’s view on economic development

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Rostow’s view on economic development

  1. 1.  Based on his book “Stages of economic growth”  Uses a historical approach
  2. 2.  Under developed economy  Limited growth in science & technology (Pre-Newtonian era)  Limited production functions  Excessive dependence on agriculture  Political power  Usage of income  Slow economic growth  Series of changes
  3. 3.  Transition stage  New renaissance age  Spread of education & knowledge  Modern science  Investment & risk- taking  Economy at snail’s pace  Development of people’s qualities  Discoveries & inventions  Division of society  Transportation,agriculture & imports
  4. 4.  Overcoming of the obstacles  Increase in investment and per capita output  Growth of manufacturing sectors  Development in political, social & institutional framework
  5. 5.  Result of the take-off stage  More amount of goods are produced  Self-generating economy  Technological & entrepreneurial skills  Old and new industries
  6. 6.  Shift in the attention of the society  Country’s aspirations - Longs for external power & influence - Welfare measures - Consumption - Per capita income - Automobiles & durable goods
  7. 7.  It de-emphasises any difference between how leading sectors develop in free and controlled markets.  It is accused of trying to fit economic progress into a linear system  It considers mostly large countries.

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