Analysis Of Rostow's Five Stages Of Economic Development

Rostow full name is Schriften Von Walt W. Rostow. Rostow is a scholar who born on 1916 in New York City (Faculty, 2004). He writes The Stages of Economic Growth and the writing was famous in 1950 and 1960 where the post-war happens (Faculty, 2004). In 1969, he works as Professor of Economics and History at University of Texas which located in Austin (Faculty, 2004). In his writings, he challenged the John Maynard Keynes ideas (Hunt, 1989). In Hunt (1989) views, according to Keynes, he argues that government must intervene in the economic market. The government intervenes only can make the economics of the country grow rapidly. In additional, five stages that coined by Rostow is more important in the economic development of the country. His five stages based on historical perspectives of the developed country (Hunt, 1989).The two elements that Rostow focuses are the importance modern state of capitalism or liberal democracy and economic stages that …show more content…
China mainly focuses on the collectivization of agriculture and less emphasize on the light and heavy industry. For instance, the Chinese followed an ‘industrial socialist’ strategy of development from the Soviet Union for first five year plan (Jameson & Wilber, 1981). Subsequently, they started adopted their own strategy which was ‘agrarian socialism’ which totally differ from the industrial socialist. Moreover, the State Constitution of 1982 is for the state to guide the country’s economic development (Worden, Savada, & Dolan, 1987). The aim of the strategy was Chinese wants to involve in both sector, industrial and agriculture. Besides that, they wanted to create the ‘socialist man’ among the peasant and worker population (Jameson & Wilber, 1981). Hence, development focused on the promotion strategy of the human factor in the