Downloaded 338 times
Uploaded byTom McLean
Rostows stages of developement
Rostow's Stages of Development outlines 5 stages of economic growth for a country: 1) Traditional society, 2) Preconditions for take-off, 3) Take-off, 4) Drive to maturity, and 5) Age of high mass consumption. The Take-Off stage involves a switch from agriculture to manufacturing, requiring technological changes and an investment rate of about 10% to develop new manufacturing sectors. The Drive to Maturity stage sees an increasingly diverse economy through continued technological innovation. While the model shows stages of economic development, critics argue it only applies to Western countries and neglects wider non-economic developments.
More Related Content
Similar to Rostows stages of developement
Rostows stages of developement
- 1. Rostows Stages ofDevelopment By: Ethan Que
- 2. What is it? •Also known as Rostows Stages of Growth • Economic Growth
- 3. 5 Stages ofEconomic Growth 1. Traditional society 2. Preconditions for take-off 3. Take-off 4. Drive to Maturity 5. Age of High Mass Consumption
- 4. Traditional Society • Base by Pre Newtonian Society • Little Economic Change to Society • Usually goods are exchanged for others • Agriculture because it used limited quantities of the capital.
- 5. Preconditions for Take-off •Also known as the Transitional Stage • Bring changes in social attitudes, expectations, structure and values of society. • Economic Progress is possible
- 6. The Take-Off • Mainlytechnological • Switch from Agricultural Sector to the Manufacturing Sector. • 3 necessary conditions needed for takeoff • Rate of productive investment about 10%. • The development of substantial manufacturing sectors.
- 7. Drive to Maturity •Economy is diverse into new areas • Technology Innovation provides investment opportunities.
- 8. Age of HighMass Consumption • Service sector becomes increase singly dominant • Society’s being able to choose military issues or on developing great luxury for the upper class.
- 9. Strengths • Shows theeconomic development in countries • Shows what stages the countries are in.
- 10. Weaknesses • Many economiststhink the model works only for Western Countries. • Only shows the economic growth of a country. • Does not issue other developments in a wider context only economic.
- 11.