Rostow's Stages

Rostow's Stages of Economic Growth is a theory that outlines five key stages a country goes through as it develops economically. The stages are: 1) Traditional Society – where the economy relies on agriculture; 2) Pre-conditions for Take-off – where infrastructure and investment begin to grow; 3) Take-off – marked by rapid industrial growth; 4) Drive to Maturity – where the economy diversifies and improves technology; and 5) Age of High Mass Consumption – where consumer goods dominate the economy and living standards rise. This model helps understand how economies evolve over time.