Multiple Choice Questions on According to W W Rostow the stages of economic growth are ........ for RBI Grade B Exam Preparation

Growth and development

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Indian Economy - Understanding the basics of Indian economic system

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    According to W.W. Rostow, the stages of economic growth are:

    Two
     
    Incorrect Answer

    Three

    Incorrect Answer

    Four

    Incorrect Answer

    Five

    Correct Answer
    Explanation:

    One of the key thinkers in 20th-century Development Studies was W.W. Rostow, an American economist and government official. Prior to Rostow, approaches to development had been based on the assumption that "modernization" was characterized by the Western world (wealthier, more powerful countries at the time), which were able to advance from the initial stages of underdevelopment. Accordingly, other countries should model themselves after the West, aspiring to a "modern" state of capitalism and liberal democracy. Using these ideas, Rostow penned his classic "Stages of Economic Growth" in 1960, which presented five steps through which all countries must pass to become developed: 1) traditional society, 2) preconditions to take-off, 3) take-off, 4) drive to maturity and 5) age of high mass consumption. 


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