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Words: | Submitted: Mon Jun 19 2006
... formation of the transport infrastructure supports trade and there is greater economic progress. There is the creation of national political institutions. The third stage is 'take-off'. This is the turning point in a country's status as the rate of industrialisation increases; "it is the interval when the old blacks and resistance to steady growth are finally overcome" (W. Rostow 1960) There is a shift to the manufacturing sector. Political and social institutions evolve to support the industrialisation. This stage is the naturalistic interpretation of development or growth. The fourth stage or drive to maturity, sees the economy diversifying into new areas. Technological innovation, entrepreneurial spirit and major investments have overcome the values and institutions of traditional society. The final stage or high mass consumption depicts an economy geared towards mass consumption. The consumer durable industries flourish and the service sector becomes highly dominant. This stage is characterised by American Fordism. ...
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