According to walt rostow, economic advisor to u. s. president kennedy, all countries go through four stages of economic development. the second stage is the stage, which is a period of economic growth accompanied by a growing belief in individualism, competition, and achievement.

According to Walt Rostow, economic advisor to U.S. President Kennedy, all countries go through four stages of economic development. The second stage is the Take-off stage, which is a period of economic growth accompanied by a growing belief in individualism, competition, and achievement.

Explanation:

Sustained economic development usually means economic development, but the two terms are used by most developing economists. In general, economic growth refers to an increase in gross domestic product , while in general, economic development refers to institutional changes, primarily economic ones.

In comparison to the phases of economic growth (Economist Walt Rostow suggested as five main phases in 1960):

Traditional society, preconditions for take-off, take-off, drive to maturity, and age of high mass consumption

Nevertheless, most emerging economists agree that main growth processes contribute to three different transitions:

(a) structural economic reform,

(b) demographic change and

(c) urbanization cycle.

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