Rostow's Stages of Growth

Rostow's Stages of Growth is a theory that outlines five stages through which a country's economy typically progresses. It starts with traditional society, where farming is commonplace. Next is the preconditions for take-off, where infrastructure develops. This leads to the take-off stage, where significant economic growth occurs, often through industrialization. The fourth stage is the drive to maturity, characterized by diversifying industries and advancements. Finally, the high mass consumption stage reflects an economy with widespread wealth, where people afford diverse goods and services. This model helps to understand economic development over time.