Essay The Stages Of Economic Growth

945 Words Mar 31st, 2015 4 Pages
Review Paper : The Stages of Economic Growth
After the World War II, the idea of ‘development’ became major concern of many countries and international organizations. Many researchers try to figure out how development works and how this process could help modernization process in the world. Walt Whitman Rostow in his article ‘The Stages of Economic Growth’ also try to figure out how economic develops. In his article, Rostow (1959) argues that economic growth in modern world is not a continuum process, but it is a historical sequence that moves from traditional stage to an age of high mass consumption. His argument is interesting, but I am not fully agree with his argument because his argument and explanation in the article contains several weaknesses that need to be addressed to make it useful for development theory.
According to Rostow, there are five stages of economic growth, which consist of the traditional society, the preconditions for take-off, take-off, drive to maturity and the age of high mass consumption. He said that in order to get the importance phenomena of growth, societies need a dynamic theory of production that focus on the composition of investment and on developments within particular sectors of the economy. He also added that an economy should be characterized by its leading sectors because the stages of growth are based on the changing sequence of the leading sectors. Furthermore, he added that it is important to examine the societies’ choices in the…

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