Describe the various stages of economic development
Answers
Walt Whitman Rostow (W.W. Rostow) was an economist in the Lyndon B. Johnson administration from 1966-1969, but also published articles and developed models on economic development. One of his ideas is that of the five stages of economic development. In this model, he suggests that societies go through five stages of economic development as they grow from 'living off the land' to a production-and-consumption society, like the United States.Each of Rostow's five stages builds on the previous stage, becoming more complex and integrated. Depending on economic forces at play, the time it takes to move through each of Rostow's stages varies. After the stages are discussed, we'll talk about how they relate to the idea of first, second, and third world countries, and more-developed countries (MDCs) and less-developed countries (LDCs).....................