Rostow's stages of economic growth model is one of the major historical models of economic growth. It was published by American economist Walt Whitman Rostow in 1960. The model postulates that economic growth occurs in five basic stages, of varying length: The traditional society.
Who is the proponent of stages of economic development?
The most influential proponent of this view was the American economic historian Walt W. Rostow. His 1960 book, The Stages of Economic Growth: A Non-Communist Manifesto, elaborated a linear-stages-of-growth model that defined development as a sequence of stages through which all societies must pass.
What are the five stages of economic development according to Rostow?
IN HIS FAMOUS book, The Stages of Economic Growth, Rostow has divided the process of economic development of all societies into five stages: (1) the traditional society, (2) the preconditions for takeoff, (3) the takeoff, (4) the drive to maturity, and (5) the age of high mass consumption.
Who Wrote economic development?
The Theory of Economic Development — Joseph A. Schumpeter | Harvard University Press.