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My Economic

 My Financial Essay

MOTURI KERRY MERVYN

X74/34459/2011

UNIVERSITY OF NAIROBI

XEA: 301 CREATION ECONOMICS

ROSTOWS GROWTH THEORY

Walt Rostow was an American historian whom tried to describe process of economical development by using a historical approach. He is determined by what this individual terms as the inability of economic theory. He explained the development process using 5 special stages as well as for a level to replace the other there has to be structural changes to necessitate this kind of movement from lower degrees of development to higher ones. Walt Rostow in his theory obviously brought out five distinctive levels of growth in the subsequent order: 5. The traditional level

* Pre-condition to take-off stage

5. Take-off stage

* Drive to maturity stage

2. The level of High Mass consumption

Kuznets criticizes Rostow and this individual adds that the theory is blurry. Kuznets states that Simon Kuznets has criticized Rostow's levels of Expansion Theory inside the following method which may be cited below: * Kuznets argued that Rostow made the mistake of proclaiming that provincial revolution had not been in the traditional stage but in the pre-conditions stage. This kind of disturbs Kuznets since a number of the characteristics of take-off stage and pre-condition to take off stage are exactly the same and this makes confusion pertaining to scholars. Also the only move that is not in both may be the rise in expense by * According to Rostow, a respected sector is definitely one which has its influence upon various other sectors with the economy. " Leadership of the sector depends on the origin of its development in an independent impulse, certainly not in response to other areas in the country and upon the magnitude of its indirect and direct contributions towards the country's economical growth. The autonomous behavioral instinct and the various types of contribution to expansion differ in timing and identification and chronology of leading sectors requires-specification and evidence lacking in Rostow's conversation. * The analysis with the take-off and pre-conditions stages neglects the...

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