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There is dynamic economic growth
There is rapid self-sustained growth
Sector led growth becomes more common and society is driven more by economic processes than traditions
The norms of economic growth are well established and growth becomes a nation’s second nature and shared goal
Three things must happen in this stage:
a. The rate of investment must rise to about 5% to 10% of the national income
b. Development of one or more manufacturing substantial sectors with a high rate of growth
c. Existence of a quick emergence of a political, social and institutional framework which exploits the impulses to expansion in the modern sector and the potential external effects.
Industrialization becomes a crucial phenomenon
The stage takes about 2 to 3 decades
Dana05 answered the question on July 3, 2019 at 11:29
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