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Rostow five stages of economic growth

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Review Rostow's five stages of economic growth and categorize the following countries: Spain, U.S.A., Uganda, Brazil, and China. W. W. Rostow based his theory on the three economic sectors: primary, secondary, and tertiary. The globalization of nations reflects where a nation is in the development pattern. His theory includes the following levels:

-Traditional society - primary a subsistence economy in which agriculture is the most important industry; little trade beyond borders because production is consumed by producers.

-Transitional stage - surplus of production and emerging transportation system; opportunities for trade develop.

-Take off - initiation of industrialization with increased in manufacturing; focus on a few industries; social and political institutions developed to support industrialization

-Drive to maturity - growth increasing; innovation developing

-High mass consumptionWhat conditions must exist for the above countries move from one stage to another? Do countries regress through the levels? What would cause a country to regress? Use concepts from the text and supplemental reading to support your answers

Reference no: EM132738128

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