Rostow s Theory Of Economic Growth - 997 Words

Rostow’s theory of economic growth (or Rostovian take-off model), is historically one of the major models of economic growth. Published in 1960 by American economist Walt Whitman Rostow, the model dictates that economic growth occurs in five stages of fluctuating time periods. The five stages include 1) the traditional society, 2) the preconditions for take-off, 3) the take-off, 4) the drive to maturity, and finally, 5) the age of mass production. The following definitions were established by Walt Rostow in his book published in 1960, The Stages of Economic Growth. The first stage, the traditional society, describes countries where the population is still actively engaged in agricultural practises, therefore eliminating any time available to undertake major economic and entrepreneurial risks. The technology and science in use is also described as ‘pre-Newtonian’. Examples of such societies include Medieval Europe and Chinese dynasties. The second stage, precondit ions for take-off, is explained as encompassing nations with a more stable political base. This stage was clearly established in Western Europe in the late seventeenth century and early eighteenth century, as scientific advancements and continued industrialisation had aided agriculture and the capital market to thrive. The next stage is the actual take off stage, where new industries appear and agriculture is being commercialised. Steady growth is evident through the exploitation of natural resources, and savingsShow MoreRelatedRostows Theory of Economic Development1055 Words   |  5 Pages MASINDE TASK: A DISCUSSION OF THE ROSTOW FIVE STAGES OF DEVELOPMENT GROPU MEMBERS NAME REGISTRATION NUMBER SIGNATURE NYABUTO MEPHINE BWARI E37/1523/2011 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ BARAZA A. DANIEL E37/1625/2011 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ LUMONYE FAITH JUMA E35S/11325/2010 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ DOUGHLAS NYAKUNDI E37/1509/2011 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ FREDDICK ACHACH E37/1614/2011 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Rostow’s five stages of Development This theory was written by Walt Whiteman Rostow. In 1960 he suggested countries go throughRead MoreRostows Theory898 Words   |  4 PagesRostow s Theory Rostow identifies five stages of economic development. The traditional society is characterized by the dominance of agriculture, which is largely at the subsistence level, and the non-realization of potential resources. In the second stage, economic growth begins to speed up. 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