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What are the Rostow’s stages of economic growth and development?

Discuss the Rostow’s stages of economic growth and development.

Answers

Maurice
Walter Rostow [1960] concept of economic growth is the one referred to as the liner
development theory. Rostow outlines his concept in his book; the stages of economic growth.
H argues that within a society sequence economic steps of mobilization can be identified.
These steps are liner and towards an evolutional higher development.
Rostow identifies five growth stages.

(a) At this stage the economic system is stationary. It is dominated by agriculture with traditional
cultivation forms. Productions by man hour work in lower people have metaphysical way of thinking.

(b) The pre-condition for take off
During this stage the rate of investment are getting higher and they initiate a dynamic
development. Europe this kind of economic development resulted to the industrial revolution.
Agriculture also grows and the work force of the primary sector becomes irrelevant.

(c) Take off
This stage is characterized by the dynamic economic growth. The main characteristic of this
economic growth is self sustained growth we requires no extra inputs
A few leading industries can support development. For example in England, the textile industries
supported development.

(d) The drive to maturity
This is characterized by continual investment economic and technical progress dominate this
stage new form of industries. For example, electrical chemical and mechanical engineering industrial
emerging Europe this happened in 1990s.

(e) This is the final step of Rostow model of development there most part of society lives in
prosperity. Person living in this society are offered both abundance and multiplicity of choices according to Rostow, the north belongs to its category today.
maurice.mutuku answered the question on April 23, 2019 at 10:32

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