This assignment looks at U.S. economist Walt Rostow in Rostow’s modernization theory. The ideas of Walt W Rostow was particularly those in his 1960 book. The product of a decade’s work, the book gives us post-second world war development economics in a nutshell. Like other modernization theories, The Stages of Economic Growth were both a diffusionist and technocratic doctrine. The theory sought to replicate the benefits of rationality and progress already experienced in the wealthier parts of the world. Rostow’s primary analogy was that of take-off. Thus, the analogy is an aeronautical rendering of the moment with sufficient capital and other preconditions in place. In conclusion, U.S. economist Walt Rostow in Rostow’s modernization theory meant promoting a new enclave of modern activity.
US economist Walt Rostow in Rostow’s modernization theory
U.S. ECONOMIST WALT ROSTOW STAGES OF GROWTH MODEL
U.S. economist Walt Rostow developed the most influential development theories in Rostow’s modernization theory in the 20th century. Rostow’s Stages of Growth model is one of the most influential development theories of the 20th century. The theory was, however, also grounded in the historical and political context in which he wrote. The Stages of Economic Growth got published in 1960 at the height of the Cold War. Initially, the theory had the subtitle “A Non-Communist Manifesto,” and was overtly political. In addition, Rostow was fiercely anti-communist, and he modeled his theory after western capitalist countries, which had industrialized and urbanized. As a staff member in President Kennedy’s administration, Rostow promoted his development model as part of U.S. foreign policy. Lastly, Rostow’s modernization theory model illustrates a desire to assert the United States’ influence over that of communist Russia.
U.S economist Walt Rostow stages of the growth model
THE STAGES OF ECONOMIC GROWTH IN ROSTOW’S MODEL
U.S. economist Walt Rostow in Rostow’s modernization theory proposed one of the first growth theories. Rostow argued that economies must go through several developmental stages towards greater economic growth. He argued that these stages followed a logical sequence. Additionally, the sequence was that each stage could only get reached through the completion of the previous stage. The first stage in the stages of economic growth is the traditional society dominated by agriculture and barter exchange. The Pre-take-off stage is the second stage with the development of education and an understating of science. Also, the Take-off stage has positive growth rates in particular sectors. The drive to maturity stage has an ongoing movement towards a diverse economy, with growth in many sectors. The mass consumption stage where citizens enjoy high and rising consumption per head is the last among Rostow’s modernization theory.
stages of economic growth in Rostow’s model
