ROSTOW’S MODEL OF ECONOMIC DEVELOPMENT

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Presentation transcript:

ROSTOW’S MODEL OF ECONOMIC DEVELOPMENT

Transition is triggered by external markets and influences TRADITIONAL SOCIETY *LIMITED TECH. *STATIC SOCIETY Burkina Faso, Malawi

An elite group initiates innovative economic activities PRE-CONDITIONS FOR TAKEOFF An elite group initiates innovative economic activities Exploitation of agriculture and extractive industries Honduras, Malaysia

TAKE-OFF Development of a manufacturing sector China, India, Mexico Development of modern social, economic and political institutions

DRIVE TO MATURITY Development of a wider commercial and industrial base Hungary, S. Korea Investment in manufacturing exceeds 10% Exploitation of advantages in international trade

AGE OF MASS CONSUMPTION Economy shifts from heavy industry to consumer goods USA, Japan, Germany

Problems with Rostow’s model: *overly simplistic Myth of development that every country will reach stage five. Early starters can’t be compared to late starters – (early starters achieve stage five by exploiting late starters.) Built upon a European model.