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Aspects of Economic Growth


             3. Main Assumption on Development.
             The term modernization theory refers to a theory which states that development in developing worlds can be attained through following the processes of development that are used by currently developed nations. The Modernization Theory of Rostow is a social economic theory which is sometimes known as the development theory. It solely highlights the positive role played by those countries that are developed in modernizing and facilitating sustainable development in those countries that are less developed and it often contrasted to dependency theory. This means that for development to occur in underdeveloped countries there is need for developed countries provide aid to developing countries to enable them learn from their own progress. It looks at the state to be the central actor in bringing about modernization in societies that are backward. The theory also  believes that  underdeveloped  countries could  grow faster  than developed countries and  catch up and that it was possible for equal development to be reached between the underdeveloped and developed countries.
             4. Formula/Specific Strategies.
             A. TRADITIONAL SOCIETY.
             The traditional society shows how a society would manipulate the production or outputs given the environment they are in to and how innovations may emerge through economic relations and trade. It is reaching the peak of attainable output per individual depending on the limited technology the society is situated.
             Political power too, in terms of traditional society, in connection with history, land-owners govern a region for the reason that they hold economic resources to manipulate the place. People are in need of these resources in exchange for labor.
             B. PRE-CONDITIONS TO TAKE-OFF.
             This is the stage of transition from a traditional society; this prepares the society in accepting developed technology. This does not aim for a mindset of "the economy can develop"," instead a concept of improving the economy is a must.


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