TAILIEUCHUNG - Lecture Development economics - Lecture 13: Theories of economic development - 3

. Rostow was an American economist who presented 'Stages of Growth' model of development. According to Rostow, the process whereby all the developed industrial nations of the world transformed themselves from backwardness to prosperity can be described in terms of a series of stages. This chapter provides knowledge of . Rostow's Stages of Economic Growth. | Theories of Economic Development - 3 Lecture 13 Linear Stages Theory and Rostow's Stages of Economic Growth The theorists of 1950s and early 1960s viewed the process of development as a series of successive stages of economic growth through which all the advanced nations of the world had passed. As all the modern industrial nations of the world were once undeveloped peasant agrarian economies. Accordingly, their historical experience in transforming their economies from poor agri. subsistence societies to modern industrial giants had important lessons for backward countries of Asia, Africa and Latin America. In this respect, we discuss the Rostow's stages of economic growth. . Rostow's Stages of Economic Growth: . Rostow was an American economist who presented 'Stages of Growth' model of development. According to Rostow, the process whereby all the developed industrial nations of the world transformed themselves from backwardness to prosperity can be described in terms of a series of stages. These stages of economic growth are: Traditional society, (2) Pre-conditions to take-off, (3) Take-off, (4) Drive to maturity, (5) High mass consumption. They are discussed below: (1) Traditional Society: The traditional society is one whose production functions are based up pre-Newton science and technology. This unchanging technology places a ceiling on productivity. In this society a higher proportion of resources is devoted to agriculture. Man is valued on family basis, not on the basis of his capabilities. Long Fatalism prevails in such society. The range of possibilities for a grand children are the same what they were for grand father. The society is ruled by those who owned or controlled land. These landlords used to have a long chain of servants and soldiers. This society was available during the Medieval Ages in Europe. (2) Pre Conditions to Take Off: It is a period of transition where the conditions for take-off are developed. Historically, it was due to .

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