Question

How does Rostow model relate to the Jamaican economy

Answer 1

--> Rostow argued that the economies of all countries could be placed within one of five different stages of economic growth. The stages include traditional society, preconditions to takeoff, takeoff, drive to maturity, and age of high mass consumption.

-->Jamaica's economy is in stage 3 of the Rostow's Development Model (the take off). There is rapid growth in the tourism and mining industry. These industries achieved technical advances and became productive. The tourism industry, of Jamaica, makes $1.5 billion US dollars a year. Yet, agriculture is still relative to the Jamaican society. In fact, the primary sector of Jamaica is 17%.

--> Rostow's third stage is known as takeoff. In this stage, a handful of key new industries start to emerge in the national economy that help drive further economic growth. For example, the development of a steel industry may drive growth in an economy with ready access to iron ore. At this stage, Rostow claims that economic growth becomes the normal state of the economy. He also believed that this economic growth becomes self-sustaining at this point in development.