walt rostow

Walt Whitman Rostow

The economist, not the writer

By Maeve Russell

Who was Walter Rostow? Walt Whitman Rostow was

born in 1916 to two Jewishemigrants from Russia

Rostow had advised for theEisenhower Administration,worked under two otherpresidents (Kennedy andJohnson), and taught fornumerous prestigiouscolleges.

His most famous book oneconomy was The Stages ofEconomic Growth

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The Stages of EconomicGrowth

In his book, Rostow theorized that each and every country goesthrough 5 stages of economic growth

First stage: A traditional society, with subsistence agriculture,and a domestic industry

Second stage (preconditions for take-off):localized resourceundergoes development, and an export economy thrives

Third stage (take-off): Exploitation of a major resource leads toa rapid political change

Fourth stage (drive to maturity): The society creates a morediverse industrial base and increases trade

Fifth stage (age of mass consumption): an advanceddevelopment of an industrial economy occurs

Controversial?

Rostow’s five, uneven stagescontrasted to the othermodels of his day.

Economists felt as though hismodel was too vague, variedtoo much at each country,and included far too manyfactors (instead of onlytaking into account output,production and technology).

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Rostow’s Reasons for HisTheory

Rostow had observed how production in “leading sectors” would spillover into less developed ones, and how investments in productionprocesses could alter the economy.

He decided to create a model to that emphasized, “the uniqueness ofeach nation’s experience.”

However, many modern day economists still consider his model to bevery western, and say that nations may develop in other ways

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Why is this important?

Rostow’s model has becomea fundamental subject inmany introductory classes oneconomics and humangeography.

His model began heateddiscussions and experimentsamong economists in inmany countries

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Why is this important?(cont’d)

Scholars from different backgrounds began toget involved in these discussions, and morediverse and universal theories were created.

People began to accept that developmentwas complex, involved numerous variables,and was an uneven process.

THE END

Works Cited “Rostovian take-off model:Facts, Discussion Forum, and Encyclopedia

Article.” AbsoluteAstronomy.com. Web. 22 Sept. 2009.http://www.absoluteastronomy.com/topics/Rostovian_take-off_model.

“Walter Rostow.” TimesOnline. New York Times, 19 Feb. 2003. Web. 22Sept. 2009.http://www.timesonline.co.uk/tol/comment/obirtuaries/article882341.ece.

Milne, David. “Rostow, Walt Whitman.” The Scribner Encyclopedia ofAmerican Lives. Vol. 7. Farmington Hills: Thomson Gale, 2007. 478-81.Print.

Norton, William. Human Geography. Fifth ed. Ontario: Oxford UP, 2004.Print.

“Walt Whitman Rostow.” The University of Texas at Austin - Web Central.Web. 27 Sept. 2009. http://www.utexas.edu/faculty/council/2003-2004/memorials/rostow/rostow.html.