Get premium membership and access questions with answers, video lessons as well as revision papers.
The economy undergoes a process of change in preparation for takeoff
The changes have to be fundamental in nature in the sociopolitical and production technique
There are three important dimensions to this transition from an agrarian to a manufacturing industry economy, opening of trade and other commercial activities to other regions creating international trade, surplus production obtained should not be wasted on the conspicuous consumption of land owners or the state but spend on the development of industries, infrastructure
Agriculture becomes commercialized and mechanized
Investment level should be above 5% of the National Income
Agriculture plays an important role in transition process as surplus quantity is used to support increasing urban production and become a major expert earner of foreign exchange
Government plays a major role in the development of social capital as it is rarely profitable.
There should be basic change in the attitudes of the society towards risk taking, changes in working environment and openness to change in social and political organizations and structure
Steep increase in the rate of savings and investment
This stage may take a long period of time
Dana05 answered the question on July 3, 2019 at 11:28
- Discuss the characteristics of the first stage of development according to Rostow’s five stages of economic development (Solved)
Discuss the characteristics of the first stage of development according to Rostow’s five stages of economic development
Date posted: July 3, 2019. Answers (1)
- What are the promises of a socialist?(Solved)
What are the promises of a socialist?
Date posted: July 3, 2019. Answers (1)
- Describe socialism as a theory of economic growth (Solved)
Describe socialism as a theory of economic growth
Date posted: July 3, 2019. Answers (1)
- Describe capitalism as a theory of economic growth (Solved)
Describe capitalism as a theory of economic growth
Date posted: July 3, 2019. Answers (1)
- Highlight the Marxists criticisms of capitalism (Solved)
Highlight the Marxists criticisms of capitalism
Date posted: July 3, 2019. Answers (1)
- Discuss the Marxism theory of economic development (Solved)
Discuss the Marxism theory of economic development
Date posted: July 3, 2019. Answers (1)
- Discuss the contribution of John Stuart Mill to the classical theory of economic growth (Solved)
Discuss the contribution of John Stuart Mill to the classical theory of economic growth
Date posted: July 3, 2019. Answers (1)
- Discuss the contribution of Thomas Robert Matthews to the classical theory of economic growth (Solved)
Discuss the contribution of Thomas Robert Matthews to the classical theory of economic growth
Date posted: July 3, 2019. Answers (1)
- Discuss the contribution of Jean Baptiste Say to the classical theory of economic growth (Solved)
Discuss the contribution of Jean Baptiste Say to the classical theory of economic growth
Date posted: July 3, 2019. Answers (1)
- Discuss the contribution of David Ricardo to the classical theory of economic growth (Solved)
Discuss the contribution of David Ricardo to the classical theory of economic growth
Date posted: July 3, 2019. Answers (1)
- Discuss the contribution of Adam smith to the classical theory of economic growth (Solved)
Discuss the contribution of Adam smith to the classical theory of economic growth
Date posted: July 3, 2019. Answers (1)
- What is a theory?(Solved)
What is a theory?
Date posted: July 3, 2019. Answers (1)
- Give any seven characteristics of less developed countries (Solved)
Give any seven characteristics of less developed countries
Date posted: July 3, 2019. Answers (1)
- Highlight some of the side effects of economic growth and economic development (Solved)
Highlight some of the side effects of economic growth and economic development
Date posted: July 3, 2019. Answers (1)
- State the changes that a country must experience during economic transformation (Solved)
State the changes that a country must experience during economic transformation
Date posted: July 3, 2019. Answers (1)
- Briefly explain the concept of economic transformation (Solved)
Briefly explain the concept of economic transformation
Date posted: July 3, 2019. Answers (1)
- What is underdevelopment as used in economic development (Solved)
What is underdevelopment as used in economic development
Date posted: July 3, 2019. Answers (1)
- Discuss any five obstacles to economic growth and economic development (Solved)
Discuss any five obstacles to economic growth and economic development
Date posted: July 3, 2019. Answers (1)
- Highlight the disadvantages of using social indicators as a measure of economic development (Solved)
Highlight the disadvantages of using social indicators as a measure of economic development
Date posted: July 3, 2019. Answers (1)
- Identify the disadvantages of Gross Domestic Product per capita and Gross National Product per capita (Solved)
Identify the disadvantages of Gross Domestic Product per capita and Gross National Product per capita
Date posted: July 3, 2019. Answers (1)