Explain W.W. Rostow's modernization theory of development.
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The capitalist version of modernization theorized that as nations developed, economic development and social change would lead to democracy. Many modernization theorists of the time, such as W. W. ... Rostow's stages of development are: Traditional - an agricultural-based society.
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The term modernization theory refers to a theory which states that development in developing worlds can be attained through following the processes of development that are used by currently developed nations(Rostow,1960).It is a social economic theory which is sometimes known as the development theory.
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