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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

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