rostow’s view on economic development
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I think this ppt on Rostow's view will be easy for everyone to understand :)TRANSCRIPT
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Based on his book “Stages of economic growth”
Uses a historical approach
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Under developed economy Limited growth in science & technology (Pre-Newtonian era) Limited production functions Excessive dependence on agriculture Political power Usage of income Slow economic growth Series of changes
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Transition stage New renaissance age Spread of education & knowledge Modern science Investment & risk- taking Economy at snail’s pace Development of people’s qualities Discoveries & inventions Division of society Transportation,agriculture & imports
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Overcoming of the obstacles Increase in investment and per capita
output Growth of manufacturing sectors Development in political, social &
institutional framework
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Result of the take-off stage More amount of goods are produced Self-generating economy Technological & entrepreneurial skills Old and new industries
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Shift in the attention of the society Country’s aspirations - Longs for external power &
influence - Welfare measures - Consumption - Per capita income - Automobiles & durable goods
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It de-emphasises any difference between how leading sectors develop in free and controlled markets.
It is accused of trying to fit economic progress into a linear system
It considers mostly large countries.
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