Terms in this set (75)

Developed in the 1950s, under this model, all countries develop in a five-stage process. There are 5 steps:
1. Traditional Society: This stage is characterized by a subsistent, agricultural based economy, with intensive labor and low levels of trading, and a population that does not have a scientific perspective on the world and technology.
2. Preconditions to Take-off: Here, a society begins to develop manufacturing, and a more national/international, as opposed to regional, outlook.
3. Take-off: Rostow describes this stage as a short period of intensive growth, in which industrialization begins to occur, and workers and institutions become concentrated around a new industry.
4. Drive to Maturity: This stage takes place over a long period of time, as standards of living rise, use of technology increases, and the national economy grows and diversifies.
5. Age of High Mass Consumption: At the time of writing, Rostow believed that Western countries, most notably the United States, occupied this last "developed" stage. Here, a country's economy flourishes in a capitalist system, characterized by mass production and consumerism.
Singapore is a good example of a country that grew in this way and is now a notable player in the global economy. When it became independent in 1965, it did not seem to have any exceptional prospects for growth. However, it industrialized early, developing profitable manufacturing and high-tech industries. Singapore is now highly urbanized, with 100% of the population considered "urban." It is one of the most sought-after trade partners in the international market, with a higher per-capita income than many European countries.
The modernization model is referenced above. Developed in the 1950s by Rostow, under this model, all countries develop in a five-stage process. There are 5 steps:
1. Traditional Society: This stage is characterized by a subsistent, agricultural based economy, with intensive labor and low levels of trading, and a population that does not have a scientific perspective on the world and technology.
2. Preconditions to Take-off: Here, a society begins to develop manufacturing, and a more national/international, as opposed to regional, outlook.
3. Take-off: Rostow describes this stage as a short period of intensive growth, in which industrialization begins to occur, and workers and institutions become concentrated around a new industry.
4. Drive to Maturity: This stage takes place over a long period of time, as standards of living rise, use of technology increases, and the national economy grows and diversifies.
5. Age of High Mass Consumption: At the time of writing, Rostow believed that Western countries, most notably the United States, occupied this last "developed" stage. Here, a country's economy flourishes in a capitalist system, characterized by mass production and consumerism.
Singapore is a good example of a country that grew in this way and is now a notable player in the global economy. When it became independent in 1965, it did not seem to have any exceptional prospects for growth. However, it industrialized early, developing profitable manufacturing and high-tech industries. Singapore is now highly urbanized, with 100% of the population considered "urban." It is one of the most sought-after trade partners in the international market, with a higher per-capita income than many European countries.
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