Rostow’s Stages of Economic Growth | Economics

Prof. W.W. Rostow, an eminent economic historian, has described the historical process of transition from underdevelopment to development in terms of a series of five stages of growth through which all countries must pass to reach the ultimate destination of a developed country'. These five stages of growth are: 1. The traditional society, 2. Preconditions for take-off, 3. The take-off [...]