According to Rostow's model of economic development, there are five stages that countries pass through: 1. Traditional society, where the economy is based on subsistence agriculture and barter trade. 2. Transitional stage, where specialization and trade emerge along with basic infrastructure and entrepreneurs. 3. Take-off, where industrialization increases and the economy transitions from agriculture to manufacturing. 4. Drive to maturity, where the economy diversifies into new industries driven by technological innovation. 5. High mass consumption, where the economy is focused on mass production and consumption of consumer goods and services.