Question

(100 points) Describe the stages of economic development described in Rostow's theory of modernization and growth. Then, give an example of at least two ways countries may face challenges when following this model.


Note: This has to be a unique writing. If you copy and paste from a website, uhhh- YOu suck :V

Answer 1

Answer:

1.Traditional society: Is an agricultural economy of mainly subsistence farming little to which is traded.

2.Pre-conditions for take off: Agriculture become more mechanized and more output is traded.

3. Take-off: manufacturing industry assumes greater importance.

4.Drive to maturity: The growth of the industry spread to different parts of the country.

5.Age of mass consumption: Output levels grow enabling increased consumer expenditure.

Hope this helps!