Stage One: Traditional society
largely rural with relatively low population. Lots of non wage labor. Not much Capital.
Stage Two: Transitional Stage
increasing specialization of production. Surpluses and infrastructure.
Stage Three : Take off
Industrialization, growing investments, regional growth, political change. Capitalistic from of economy rather than socialist/communist forms.
Stage Four: Drive to Maturity
diversification, innovation, less reliance on imports, investment.
Stage five: High Mass Consumption
consumer oriented, durable goods flourish, service sector becomes dominant