Rowstow.docx - Jomo Kenyatta University of Agriculture and...

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Jomo Kenyatta University of Agriculture and Technology Murango Mike Njeru HDC222-2925/2015 (Add your name here)
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Introduction Walt Whitman Rostow 1916-2003 was an American economist who proposed his five stage model of development in the 1950’s, the ideas of which stemmed from modern free trade and Adam Smith. Rostow’s model does not deny John Maynard Keynes in that it allows for a degree of government control over domestic development not generally accepted by some ardent free trade advocates. Although empirical at times, Rostow is hardly free of normative discourse. As a basic assumption, Rostow believes that countries want to modernize as he describes modernization, and that society will assent to the materialistic norms of economic growth Strengths Rostow's development model was based on two factors. First, the developed countries of Western Europe and Anglo-America had been joined by others in Southern and Eastern Europe and Japan. Second, many LDCs contain an abundant supply of raw materials sought by manufacturers and producers in MDCs. In the past, European colonial powers extracted many of these resources without paying compensation to the colonies, as core countries do to periphery. In a global economy, the sale of these raw materials could generate funds for LDCs to promote development. According to the model, each country is in one of these five stages of development. With MDC’s in stage 4 or 5, whereas LDCs are in one of the three earlier stages. The model asserts that today's MDC’s passed through the other stages in the past. For example, the U.S. was in
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stage 1 prior to independence, stage 2 during the 1st half of the 1800’s, stage 3 during the middle of the 1880’s, and stage 4 during the late 1800’s, before entering stage 5 during the early 1900’s.
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