In this assignment, you will submit a research essay of 3000 words that draws on the essay plan that you have submitted (as assessment 1), and integrate any feedback I have given you on that plan....

RESEARCH ESSAY     1
RESEARCH ESSAY     4
RESEARCH ESSAY ON ROSTOW’S MODERNISATION THEORY OF DEVELOPMENT
Table of Contents
Introduction    3
Thesis Statement    3
Theory of Rostow’s Growth Model    3
Controversies Associated with Rostow’s Model    5
Strengths of Rostow’s Model of Modernization    6
Weaknesses of Rostow’s Model of Modernization    8
Implementation of Rostow Theory on Global Scenario    8
Conclusion    11
References    13
Introduction
For the growth of economy to be taken place in proper manner, there must be a growth model, which will help in economic development flawlessly. The Rostow’s stages of growth theory proposed by the economist Walt W Rostow in the year 1960, where he stated that the economic growth can be clearly defined and explained through five stages of varying lengths. The economic growth stage also observed the development as the linear process, where the national economies would develop under the set of universal properties, which is common for every country. However, considering the historical aspect of colonisation, there are many countries who are left with poverty and they cannot grow or develop as per the developed countries. Even in today’s global economic scenario the economic aid packages are basically made considering the university of goals, where a country’s diversity and historical background is considered. The policy packages does follow the Rostow’s focus on linearity, universality and objectivity containing the development tools according to different developing nations, which can be observed in the structural adjustment policies and the resultant consequences proving the applicability of policies as per the need of the country. In this research essay the analysis is done on the five stages of Rostow’s economic development model and how does in properly align according to the needs of the countries.
Thesis Statement
The importance of modernisation theory of Rostow’s and its relevance in the developing and the third world countries.
Theory of Rostow’s Growth Model
Walt W Rostow had published a book in the year 1960, where he developed the linear model, which describes that every country would pass through the same stage over the period of time and eventually it will attain the level of sufficient and sustainable growth (IPL.org, 2020). To explain this further Rostow had further explained five stages of the growth such as: the traditional society stage, the pre-condition for take-off stage, the take-off stage, the drive to maturity stage and the high mass consumption stage. Under the scenario of traditional society the economic activity is limited to the subsistence with the produce, such as cattle, fish and many more are directly consumed those who produce it. Hence this type of economy can be called as the entire focus is given on the immediate results, rather than investing on trade, which will lead to the labour intensive activities, such as agriculture, fishing, hunting and logging.
During the phase when the society has achieved the pre-condition for take off, however, not entered into the phase of the high growth, it is placed in the transitional phase. As discussed by Jacobs (2020) that under the transitional phase the trading turns out be the central focus on the economic activity, where the entrepreneurs are turning out to be an emergent class. Investments done along with the savings go with the increase in the income and the development of the transportation infrastructure maximizes the outcome of the trade which further facilitates in international trade operation. Eventually the conditions are now transformed into the fast growing stage and the society then eventually enters into the take off stage. This stage leads to the start of industrialization with the labour progressively being transferred from the artisan to the agricultural activities and also to manufacturing process (Bryce, 2020).
Just after the conclusion of second world war, many countries in Asia, Latin America and Africa had suffered a lot and they remined poor because of prolonged exposure to the capitalism. Considering the grim situation of the economies of these countries, the concept of modernization theory has come up into the perspective from the era of 1940s. the theory was proposed for addressing two major purpose, first one focuses on the reason behind why the poor countries are underdeveloped and the second purpose of the theory is to identify the probable solutions to make the underdeveloped countries into developed countries over the due course of time (Freire and Lima, 2018). The last stage of the theory which is basically known as the high mass consumption stage is supposed to represent that a country’s economy has recovered over the period of time and it has now become fully functional.
Controversies Associated with Rostow’s Model
There are many controversies associated with the Rostow’s model of modernization because many believed that the model never elaborated on the previously mentioned situation and stating to them as merely the fundamentals for the quick development. Development is self-sustaining and is mainly focused in particular sections and to certain businesses. During the period of diversification of economy, the society reaches to the point of maturity stage, where the technical modernization offers a numerous venture prospects which leads to the differentiated manufacturing of the goods and services, and simultaneously reducing the dependence over the imports. However, considering this above mentioned facts Tanya (2013) has discussed that Rostow’s theory was highly disapproved for being too imprecise and nonconcrete in nature. The theory positions the countries in isolated entities, where the progress was not inclined by the peripheral aspects, and also not by the terms of trade. Hence, the theory proved to the unreasonable and impractical in nature in the world which is moulded by the international aspects such as financial markets, the dynamics of trade or the movement of the migration. However, more controversies regarding this theory had arise was the conditions of growth. As further elaborated by Debasish (2020) that Rostow does not elaborated regarding the possible fundamentals specified during the transitional phase and the condition related with take-off. Further he never stated that the major factors for the economic growth are the savings and investment. If a nation is anguished from the financial gap, such as lack of savings and thus low investment, then it could become eligible for receiving external aids, which could further help in balancing the gaps. This kind of assumption was purely based on Marshalls plan, which according to Boldyrev (2020) have flourished only for the reason that the recipients that have gathered a number of conditions, such as developed transport facilitates, skilled workforce, integrated market and many more, which have further fuelled the conversion of the new capital into the higher levels of the output in an efficient manner.
It is an interesting...