* All countries move through different stages of development
* five stages of economic development
* excludes human welfare
* no attached timeline to this path- suggests that economic development only begins when certain preconditions are met
* this concept of development is often disliked as it is presented with a bias towards economic development adapted by western countries- place a bias on the importance of wealth, particularly individual wealth
@@the traditional society@@- agrarian society- based on farming- primary sector
@@preconditions for take-off@@- society begins committing itself to secular education, that it enables a degree of capital mobilization, especially through the establishment of banks and currency, that an entrepreneurial class forms, and that the secular concept of manufacturing develops, with only a few sectors developing at this point. This leads to a take-off in ten to fifty years. At this stage, there is a limited production function, and therefore a limited output. loans can help with this.
@@take off@@- tertiary sector? traditional to modern society transition
@@the drive to maturity-@@ After take-off, there follows a long interval of sustained if fluctuating progress, as the now regularly growing economy drives to extend modern technology over the whole front of its economic activity.The drive to maturity refers to the need for the economy to diversify. The sectors of the economy which lead initially begin to level off, while other sectors begin to take off. This diversity leads to greatly reduced rates of poverty and rising standards of living, as a society no longer needs to sacrifice its comfort in order to strengthen certain sectors.
@@high mass consumption@@- The age of high mass consumption refers to the period of contemporary comfort afforded to many western nations, where consumers concentrate on durable goods. Society is able to choose between concentrating on military and security issues, on equality and welfare issues, or on developing great luxuries for its upper class. Maturation can then bring-on deindustrialization as manufacturers reorient to cheaper labor markets, and deindustrialization can, in turn, destabilize the tertiary sector. Mature economies may implicitly destabilize and cycle back-and-forth between the final stages of the developmental phases as they rebalance themselves, over time, and re-evolve their economic base.