Rostows Theory Of Economic Growth - 1507 Words

2 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,Show MoreRelatedWorld Theory And Wallersteins Stages Of Social And Economic Development731 Words   |  3 PagesThis essay attempts to compare and to contrast the theories of Walt Rostows stages of social and economic development and Wallersteins world system theory. The Rostows five-stage model of economic growth and core-periphery concept of Wallerstein’s three-part world system theory are both used to identify a countrys development. Although they have similarities, there are differences between the two models. Rostows five-stage model emphasizes on the development process of countries. On the otherRead MoreModernization Theory Of The Post War Years1324 Words   |  6 Pageswith growing fears about Cold War tensions and the threat of communism, the domestic post-war environment contributed to the emergence of the predominant American sociological and economic theory of the post-war years: modernization theory. Though many new theories have emerged since the development of modernization theory, of which Walt Whitman Rostow was one of the leading figures, and it has seen fluctuations in its popularity, it has remained a part of the discourse on development to this day.Read MoreEssay on Modernization Theory: The Development Ladder1270 Words   |  6 PagesModernisation theory has been a dominant theory since post-World War II (McMichael 2012:5) to describe development and social change. It is structured and outlined through five different stages of deve lopment ladder proposed by Walt Whitman Rostow in The Stages of Economic Growth: A Non-Communist Manifesto. (1961:4) The first premise of modernisation theory reflected by development ladder is that development happened in a sequential process through stage by stage while the second premise underpinnedRead MoreWalter Rostow’s Linear Development Theory2110 Words   |  9 PagesBSDS101: Assignment 1: Outline the stages of Walter Rostow’s Linear development theory and discuss the theory’s applicability to the developing world. Introduction: The question of why and how the developing world has since been developing at a relatively low pace has since been interpreted by various perspectives most of which are Euro-centric and highly debatable. A number of theories have since been formulated to explain why the developing countries are lagging behind in terms of their GrossRead MoreRostows Theory of Economic Development1055 Words   |  5 PagesE37/1523/2011 †¦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 through fairly linearly and set out number of conditions that were likely to occur in investment, consumption and social trends at each state. He also saidRead MoreTheories of Development2183 Words   |  9 PagesCompare and contrast Karl Marx’s and Walt Rostow’s theories of stages of social and economic development. By Daniel C. Phiri, Lusaka, Zambia 28/11/2013 Introduction This essay attempts to compare and contrast Karl Marx’s and Walt Rostow’s theories of stages of social and economic development. A theory is an interconnected, logical system of concepts that provides a framework for organising and understanding observations. The function of a theory is to allow us to understand and predict the behaviourRead MoreDevelopment Theory And Walt Whitman Rostows Theory Of Development889 Words   |  4 PagesMODERNISATION THEORY Development is an abstract and subjective concept but the most popular definition of development is the betterment of human kind (Cowen et al., 1995). Walt Whitman Rostow in 1960 published a model which claimed that development in underdeveloped nations could occur in five basic steps: Traditional Society, Preconditions to Take-off, Take-off, Drive to Maturity, Age of High Mass Consumption. Due to Rostow’s fierce anti-communist beliefs, his definition of development resortedRead MoreImpact Of The Asian Financial Crisis Of 1997 On The Region s Development1704 Words   |  7 PagesII, development has been the most important term used to describe economic, social and political changes in what have come to be known as Third world countries† (Zhang, 2003). The Asian financial crisis of 1997 had a major impact on the regions development as it was the end of the East Asian economic miracle, a time that showed staggering economic growth throughout the Asia Pacific. However, despite evidence that the economic development has slowed down within the region, it can be argued thatRead MoreLiberal and Radical Approaches in Zambia1744 Words   |  7 Pagesstages to higher stages. It may refer to the notion of social progress or sociocultural evolution, the philosophical idea that society moves forward by dialectical or evolutionary means (Harper, 1993: 13). It may refer to a model change in the socio-economic structure, for instance a shift away from feudalism and towards capitalism. According to Giddens (2000: 32), social change is defined as the alteration of mechanisms within the social structure characterized by changes in cultural symbols, rulesRead MoreRostow s Theory Of Economic Growth997 Words   |  4 Pages 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