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. Rostow proposed a clear five stage theory which he believed that for each country to develop it has to pass through sequentially. To Rostow, each stage in economic growth is unique and easily identifiable. He believed that the initial stage is the traditional stage, followed by the Pre-conditions for Take-off stage, then the Take-off stage, Drive to Maturity Stage and finally the High Mass Consumption stage.
Tentative Drive to Maturity Dates Graph one: Linearity of the stages Graph two: Savings and investment Relationship with the Model Graph Three: It is not to forget the immediate fall back of the unsatisfied party by way of dismissal thus the load of criticism.
In a bid to provide answers to the question, different models were developed to explain the phenomenon.
|Popular Topics||At the end of the Second World War there was a renewal of interest in the subject of development economics and the stages of growth once again preoccupied many scholars.|
He based the Model, which represents economic development, on 15 countries - most of which were European - and suggested that it was possible for all countries to break the vicious cycle of poverty and develop through the 5 linear stages that construct his model.
He was one of the key thinkers in twentieth century Development Studies, an American economist and government official. Prior to Rostow, approaches to development had been based on the assumption that "modernization" was characterized by the Western world wealthier, more powerful countries at the timewhich were able to advance from the initial stages of underdevelopment.
Accordingly, other countries should model themselves after the West, aspiring to a "modern" state of capitalism and a liberal democracy. Using these ideas, Rostow penned his classic Stages of Economic Growth inwhich presented five steps through which all countries must pass to become developed: The model asserted that all countries exist somewhere on this linear spectrum, and climb upward through each stage in the development process.
Approaches to development had been based on the assumption that modernization was characterized by the western world which were able to advance from the initial stages of underdevelopment, apparently, other country should aspire a modern state of capitalism and a liberal democracy.
Based on these ideas, one of the key thinkers in the twentieth century development studies, by name, Walt Whitman Rostow, in the yearpenned his classic stages of economic growth which presented five stages through which all countries must pass to become developed.
However, the Rostow's Stages of Growth model is one of the most influential development theories of the twentieth century. It was, however, also grounded in the historical and political context in which he wrote. Stages of Economic Growth was published inat the height of the Cold War, and with the subtitle "A Non-Communist Manifesto," it was overtly political.
Rostow was fiercely anti- communist and right-wing; he modeled his theory after western capitalist countries, which had industrialized and urbanized.
As a staff member in President John F. Kennedy's administration, Rostow promoted his development model as part of U. Rostow's model illustrates a desire not only to assist lower income countries in the development process, but also to assert the Unites States' influence over that of communist Russia.
Furthermore, industrialization, urbanization, and trade in the vein of Rostow's model is still seen by many as a roadmap for a country's development. Singapore is one of the best examples of a country that grew in this way and is now a notable player in the global economy.
Singapore is a southeast Asian country with a population over five million, and when it became independent init did not seem to have any exceptional prospects for growth.
However, it industrialized early, developing profitable manufacturing and high-tech industries. In conclusion, having noted these key points above, this term paper was arranged on five pivotal chapters. Beginning with an insight into the man Rostow and what shaped his thought trend.
Finally, benefits, practical implications and advice for Less Developed Countries LDCs from the model, were also uncovered and of course criticisms showered. Economist and Political Theorist. Yale University, at 19 years. Balliol College Oxford, This essay shall look into Rostow’s growth model and test its applicability and flaws.
Walt Rostow’s Linear Development Theory: Traditional society stage: Rostow’s Economic Growth model () holds that all developed countries starts at the lowest level of development termed the Traditional Society Stage (Todaro and Smith, ). In this article we will discuss about the Rostow’s theory of Growth.
At the end of the Second World War () there was a renewal of interest in the subject of development economics and the stages of growth once again preoccupied many scholars. Rostow's stages of growth. Jump to navigation Jump to search.
Part of a series on: Economics; A supply and demand Rostow's model is a part of the liberal school of economics, An Analysis of Competing Paradigms. New York: Harvester Wheatsheaf. pp. .
The linearity of Rostow's Stages of Growth and the conditions of development The theory In the year of Walt Whitman Rostow published a book that would not only become influential in the studies of development, but also quite controversial, stirring debate on the conditions of growth.
Critically discuss Rostow’s stages of growth. Print Reference this. Published: 23rd March, Disclaimer: This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.
He has put forward the stages of economic growth through which every country passes for modernization of. Evaluation of Rostow's Five Stages of Economic Growth Model There is overlap with the Harrod-Domar model i.e.
stages 2 and 3 require increased saving and investment; Stage 4 requires improvements in technology, which reduces the capital-output ratio.