Question

Using the Graphic Organizer, give your own idea about the five stage of

economic development​

Answer 1

Answer:

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Unlike the stages of economic growth (which were proposed in 1960 by economist Walt Rostow as five basic stages: traditional society, preconditions for take-off, take-off, drive to maturity, and age of high mass consumption), there exists no clear definition for the stages of economic development.

Answer 2

Answer:

Stages of Economic Development:

Professor Rostow, an eminent economic historian and a specialist on economic development, has divided the historical process of economic growth into five stages:

(1) The traditional society;

(2) Pre-conditions for take-off;

(3) The ‘take-off;

(4) The drive to maturity; and

(5) The age of high mass consumption.

Explanation:

1) The Traditional Society : In a traditional society, modern science and technology are either not available or are not being systematically applied. However, there may be ad hoc application of innovations. Production can also increase due to increase in acreage.

(a) A change in society’s attitudes towards science, risk-taking and profit-earning;

(b) The adaptability of the labour force;

(c) Political sovereignty;

(d) Development of a centralized tax system and financial institutions; and