What are the 5 stages of economic development?
Using these ideas, Rostow penned his classic Stages of Economic Growth in 1960, which presented five steps through which all countries must pass to become developed: 1) traditional society, 2) preconditions to take-off, 3) take-off, 4) drive to maturity and 5) age of high mass consumption.
What are the five 5 stages of Rostow's economic development and growth?
There are five stages in Rostow's Stages of Development: traditional society, preconditions to takeoff, takeoff, drive to maturity, and age of high mas consumption.
What is age of mass consumption in economic development?
Age of high mass consumption is characterized by a shift from an economy based on the development of heavy industries to one that is based on consumer goods and services.
What is Stage 5 of Rostow's model?
ECONOMIC TRANSITION MODEL\n\n Stage 5: High Mass Consumption.