Answer to Question #210823 in Macroeconomics for Birago Irene

Question

Summarize w.w. rostow's stages of economic growth

Answer 1

1). Traditional Society

The stage is marked with stable, agricultural-based economy having intensive work and low trading levels, as well as individuals lacking scientific knowledge about technology and the world.

2). Preconditions to Take-off

At this stage, the society starts developing, manufacturing and more international criteria.

3). Take-off

This stage is describes as a short intensive growth period, where industrialization starts, and institutions and the workforce are focus on a new firm.

4). Drive to Maturity

The stage happens in a long period, as living standards rise, technology utilization increases and national economy expands.

5). Age of High Mass Consumption

During writing period, Rostow had a believe that Western nations, including US, occupy the last developed stage. Economy of country flourishes in the capitalist system.