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Essay / Research Paper Abstract
This 10 page paper considers the stages of economic development in Rostow's model. The writer outlines the different stages and then considers how they may be evidenced in the development of these three countries over very different time scales. The bibliography cites 10 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TErostow.rtf
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Unformatted sample text from the term paper:
at the development of an economy in relationship to how the labour was used, what it produced and how it was managed was Adam Smith (Elmslie, 1994). The idea of
technological progress and the development of an economy in the days of Adam Smith were very different from the perceptions of today. However, when we look at the ideas
and models that have been developed in more recent year, such as Rostows model that depicts the stages of economic development, it is apparent they still have many of their
foundations in the original ideas of Adam Smith (Elmslie, 1994). If we wish to consider what this model is, its validity and apply I to different economies, such as those
of the US, Canada and Japan, we first need to consider the model itself so that the different stages can be applied. The model itself can be seen as
a linear model. Inmost economic models there is an acceptance that economies may be divided into primary, secondary and finally tertiary sections, and by looking at this and the historical
development of economies Rostow developed a five stage model (Rostow, 1960). If we are to apply this model we need to consider the factual make up of this economic development
model. The first stage of development may be seen as traditional subsistence, Rostoe calls this first stage Traditional Society (Rostow, 1960). Here the individuals within society are creating the output
for their own use, and not for trade. Where there is trade it is likely to be directly for goods required by a system of bartering rather than a more
complex system of developed exchange rates, meaning that goods are swapped rather than bought and sold (Rostow, 1960). The most important sector of the economy is that of agriculture, as
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