after W.W. Rostow who identified five stages of development in a national economy:
traditional society -mainly agricultural with limited, low-tech industry
pre-conditions for take-off -capital investment in one or two industries along with investment in agriculture to free up labour.
takeoff -rapid growth in manufacturing, decline in agricultural employment. Development of infrastructure.
drive to maturity -self-sustained economic growth and prolonged urbanization.
age of mass-consumption -expansion of service industry and decline in manufacturing.
Geography Dictionary & Glossary for Students \\ ITS Tutorial School (ITS) - Hong Kong.