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W. W. Rostow's Stages of Economic Development
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Transcript
Advantages
- Highly respected and referred to model.
- Primary example of the "intersection of Geography, economics and politics".
- Most widely cited development theories.
Disadvantages
- Has a strong bias towards a western model of modernization.
- Assumes that all countries follow the same route of development.
- Doesn't look at variations within country.
- Assumes that each country is economically and politically free.
Stage 4: Drive To Maturity
- Laborers became more skilled and efficient.
- Economy had a higher income due to producing a wide range of good and services.
- Technology and industrialization.
- Less dependent on imported goods.
- Standards of living increased.
Stage 3: The Takeoff
In the 1950's, Rostow proposed that all countries navigate through 5 stages of development.
- Regional industrialization begins.
- Workers transition from Agriculture to Manufacturing.
- People start saving.
Stage 5: Mass Consumer Society
Stage 1: The Traditional Society
- Consumer goods.
- Electricity introduced.
- Mass production.
- Equality and welfare.
- A country that has not started the process of development.
- Limited level of technology.
- Large portion of the population works in subsistence agriculture.
Stage 2: Transition
- Specialization starts.
- Country starts to invest in technology and infrastructure.
- Production generates surplus, therefore trading.