Rostow's Stages of Economic Growth

Rostow's Stages of Economic Growth is a theory that outlines five key stages through which a country typically progresses as it develops economically. These stages are: 1. **Traditional Society**: Limited technology and agriculture. 2. **Preconditions for Take-off**: Infrastructure and investment begin to grow. 3. **Take-off**: Rapid industrialization and economic growth occur. 4. **Drive to Maturity**: Diversification and technological advancement lead to stability. 5. **Age of High Mass Consumption**: Economy shifts to consumer goods and services, characterized by high living standards. This model helps understand how economies evolve over time.