The Stages of Economic Growth

Economist W.W. Rostow in 1959 had a vast amount of culture and intelligence in the history of the economy. Putting his intelligence and education to enchanther he wrote The Stages of Economic Growth, a small condition in a much larger book, The Economic news report Review. In this particular article Rostow feels that at that place are contrasting make ups in economic growth that countries follow: the traditional society, the preconditions for allow off, the take off, and the age of mass consumption. Once countries pass these tailfin different stages they will be at a grievous economic level. Rostow believes that this article will bring some accord of the phenomena of growth brought about by consumers, goods, and any other x factor. The first stage is the Traditional Society or a pre-Newtonian society. This society lacks the technology and innovations of a science that has not provided come full circle in this society. However, this society has managed to make grow and progress through the limited production. Due to the society organism limited due to their lack of innovative technology they relied firmly on tillage. Since agriculture was their main source of income during time of war, plague, or another x factor caused the economy to fluctuate.

With agriculture comes a lot of down time or time when there is no harvest creating an important social aspect to this society. season that is not spend on the land is spent socialising and on keeping the hierarchy in place. This hierarchy gave governmental and social power to the landowners who were able to make the most notes because of the agriculture. Before the society can break off from this agriculture based economy there has to be an in between and that stage is called the Preconditions for Take-Off. The second stage, Preconditions for Take-Off are the steps that are requirement to make it to the third stage. There are two characteristics for this stage that began after the Medieval Times. The first characteristic is the... If you want to get a full essay, order it on our website: Ordercustompaper.com

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