This was provided in 1960 by W. Rostow and he identified five different economic stages for a country.
* Traditional society
* Preconditions for takeoff
Rastow identified these three nonindustrial sectors that provide the basis of economic growth and development.
1. Increased investments in transportation
2. Agricultural developments
3. Expansion of imports
1. Net investments as a net national product must increase
2. At least one specific manufacturing sector must grow rapidly
3. A well established supportive framework should set up Ex – banks, tax systems etc
* The drive to maturity
* The age of mass consumption
This was provided by Ragner Nurske which is totally an unrealistic theory which assumes that all nations would start from zero and their economies have some historical strengths or investment capacity.
Galbraith provided the following framework is necessary to achieve the successful industrialization.
1. Adequate security
2. Reliable infrastructure system
3. Supply of capital
4. State supported industries
5. Training and specialized education
The noble prize winner offered the below mentioned framework which is realistic and practical.
1. Political freedoms
2. Economic facilities
3. Social opportunities
4. Transparency guarantees
5. Protective security
The main philosophy is these freedoms are essential for the development.