Question

What Are the 5 Stages of Economic Development?

Answer 1

The 5 stages of economic development as per Professor Rostow are as follows:

1. The traditional society
2. Pre-conditions for takeoff
3. The ‘take off’
4. The drive to maturity
5. The age of high mass consumption

Also read:

• What is Macroeconomics?
• Emergence of Macroeconomics
• Open Economy Macroeconomics
• Difference Between Economic Growth and Economic Development

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