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Chapter 21. Growth and Development.
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... How fast can increases in capital-labor ratios or other shift factors make economies grow? As you see in Table 21.1, growth rates in GDP per capita can differ significantly among countries and over time ...
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... to those for January 1997 are 0.31 for Indonesia, 0.32 for Thailand, 0.34 for the Philippines, 0.52 for Malaysia, and 0.69 for South Korea. For the other countries, the ratios are 0.68 for Taiwan, 0.93 for Singapore, 0.76 for Japan, 1.10 for Hong Kong, and 2.40 for China. The main conclusion from th ...
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... In recent years Africa´s economies have rebounded. This has raised hopes that – at last – this continent could also catch up similar as Asian economies. People are talking about “Lions on the move” (McKinsey Global Institute, June 2010) and the World Bank states “Africa could be on the brink of an e ...
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Rostow's stages of growth

The Rostow's Stages of Economic Growth model is one of the major historical models of economic growth. It was published by American economist Walt Whitman Rostow in 1960. The model postulates that economic growth occurs in five basic stages, of varying length: Traditional society Preconditions for take-off Take-off Drive to maturity Age of High mass consumptionRostow's model is one of the more structuralist models of economic growth, particularly in comparison with the 'backwardness' model developed by Alexander Gerschenkron, although the two models are not mutually exclusive.Rostow argued that economic take-off must initially be led by a few individual sectors. This belief echoes David Ricardo's comparative advantage thesis and criticizes Marxist revolutionaries' push for economic self-reliance in that it pushes for the 'initial' development of only one or two sectors over the development of all sectors equally. This became one of the important concepts in the theory of modernization in social evolutionism.
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