![]() ![]() ![]() Rostow defines it 'as the period when a society has effectively applied the range of modern technology to the bulk of its resources.' Now regularly growing economy drives to extend modern technology over the whole front of its economic activity. Drive to Maturity After take-off, there follows a long interval of sustained growth known as the stage of drive to maturity. In the table note that Take-off periods of different countries are the same as the industrial revolution in those countries. It has the largest increases in GDP growth since 1980 and the rate of productive investment has risen from 5% to over 10% of income or product. An example of a country in the Take-off stage of development is Equatorial Guinea. Activities in the key sector should induce a chain of growth in other sectors of the economy, that also develop rapidly.The society's increasing capacity to generate or earn enough capital to complete the take-off transition.Introduction of new productive technologies and techniques in these sectors.Existence of enlarged, sustained effective demand for the product of key sectors.The ability of a country to make it through this stage depends on the following major factors: Secondly, entrepreneurial groups typically develop because they can not secure prestige and power in their society via marriage, via participating in well-established industries, or through government or military service (among other routes to prominence) because of some disqualifying social or legal attribute and lastly, their rapidly changing society must tolerate unorthodox paths to economic and political power. For such an entrepreneurial class to develop, firstly, an ethos of 'delayed gratification', a preference for capital accumulation over expenditure, and high tolerance of risk must be present. Tentative take-off dates The take-off also needs a group of entrepreneurs in the society who pursue innovation and accelerate the rate of growth in the economy. This became one of the important concepts in the in. This belief echoes 's thesis and criticizes revolutionaries' push for economic self-reliance in that it pushes for the 'initial' development of only one or two sectors over the development of all sectors equally. Rostow argued that economic take-off must initially be led by a few individual. Age of high mass consumption Rostow's model is one of the more models of economic growth, particularly in comparison with the ' model developed by, although the two models are not mutually exclusive. ![]() The model postulates that economic growth occurs in five basic stages, of varying length: It was published by American economist in 1960. Rostow's Stages of Economic Growth model is one of the major historical models of.Prof.Walt Witman Rostow in his book titled The Stages of Economic Growth (1960) classifies the process of economic growth into the following. ![]()
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