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The Rostovian take-off model (also called "Rostow's Stages of Growth") is one of the major historical models of economic growth. It was developed by W. W. Rostow. The model postulates that economic modernization occurs in five basic stages, of varying length. [1] Traditional society; Preconditions for take-off; Take-off; Drive to maturity
Walt Whitman Rostow OBE ( rahs-TOU; October 7, 1916 – February 13, 2003) was an American economist, professor and political theorist who served as national security advisor to president of the United States Lyndon B. Johnson from 1966 to 1969. [ 1][ 2] Rostow worked in the Office of Strategic Services during World War II and later was a ...
According to the linear stages of growth model, a correctly designed massive injection of capital coupled with intervention by the public sector would ultimately lead to industrialization and economic development of a developing nation. [3] The Rostow's stages of growth model is the most well-known example of the linear stages of growth model. [3]
Development economics is a branch of economics that deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health ...
Modernization theory holds that as societies become more economically modernized, wealthier and more educated, their political institutions become increasingly liberal democratic. [ 1] The "classical" theories of modernization of the 1950s and 1960s, most influentially articulated by Seymour Lipset, [ 1] drew on sociological analyses of Karl ...
The most famous Orthodox view of development is that of Walt Whitman Rostow, which suggests economic development occurs where there are certain preconditions that exist to enable countries to 'take off', with the right stimulus. Development therefore goes through set stages and always occurs in the same way. Rostow argues that countries wherein ...
The most influential modernization theorist in development was Walt Rostow, whose The Stages of Economic Growth: A Non-Communist Manifesto (1960) concentrates on the economic side of the modernization, and especially the factors needed for a country to reach "take-off" to self-sustaining growth. He argued that today's underdeveloped areas are ...
The backwardness model is a theory of economic growth created by Alexander Gerschenkron. The model postulates that the more backward an economy is at the outset of economic development, the more likely certain conditions are to occur: Special institutions, including banks or the state, will be necessary to properly channel physical capital and ...