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

      

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

  

Answers


Dana
There is dynamic economic growth
There is rapid self-sustained growth
Sector led growth becomes more common and society is driven more by economic processes than traditions
The norms of economic growth are well established and growth becomes a nation’s second nature and shared goal
Three things must happen in this stage:
a. The rate of investment must rise to about 5% to 10% of the national income
b. Development of one or more manufacturing substantial sectors with a high rate of growth
c. Existence of a quick emergence of a political, social and institutional framework which exploits the impulses to expansion in the modern sector and the potential external effects.
Industrialization becomes a crucial phenomenon
The stage takes about 2 to 3 decades

Dana05 answered the question on July 3, 2019 at 11:29


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