Rostow's 5 stages of economic Growth

1. The Traditional Society: This stage is characterized by stagnant economic growth and a low level of technology. There are limited transportation and trading capabilities. People generally subsist on basic agriculture, fishing and hunting. 2. The Pre-conditions for Take-Off: This stage is characterized by increased investment in infrastructure, basic education and health, and introduction of modern technologies leading to a gradual increase in production, efficiency, and economic growth. 3. The Take-Off: This is a rapid period of economic growth and transformation. Developed countries experienced this in the 1950s and 1960s. Factors such as stable governments, plentiful capital, increased technology, improved transportation networks and communication capacities were present. 4. The Drive to Maturity: This is a period of consolidation, where the basic economic structures are solidified to facilitate growth. At this stage, the focus is on developing innovative products and production techniques to maximize efficiency, productivity and profits. 5. The Age of High Mass Consumption: In this stage, economic growth and affluence become widespread. High levels of industrial production, improved living standards, and an expanded middle class characterize this period. The focus is on the development of higher value-added products and greater consumer satisfaction.