Discuss the characteristics of the first stage of development according to Rostow’s five stages of economic development

      

Discuss the characteristics of the first stage of development according to Rostow’s five stages of economic development

  

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Dana
The economy has a limited production function which attains just a minimum potential output of key sectors
Modern science and technology is introduced
Reliance on manual labor and self-sufficiency to survive
Trade is dominantly regional and local largely through barter trade as monetary system is not developed
War, famine and epidemics limit the second most important factor of production, labor.
In certain societies, there are hierarchical socialist structures that rely on near absolute reverence for traditions

Dana05 answered the question on July 3, 2019 at 11:26


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