Rostow's Stages of Growth model.
- The Key to Rostow's theory is that developing countries could "learn" development from the experiences of developed countries.
His model had 5 stages
Stage 1: Traditional society.
- Most Economic activity takes place on a subsistence basis, and output is not traded.
- Limited quantities of capital are available ; labour is paramount.
- Agriculture is the main source of imput.
Stage 2: The pre-conditions for take-off.
- Extraction industries begin to develop.
- Agriculture becomes more mechanised.
- Infrastructure development occurs.
- Savings and…
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