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  • Essay / A study of underdeveloped countries with high economic growth

    There are many debates around the development of underdeveloped countries and the best path forward in terms of economic growth and better quality of life . Many theories such as dependency theory, basic needs theory, and Rostow's theory of economic growth attempt to explain how an underdeveloped country can achieve high economic growth and better quality of life. Arguably one of the most famous development theorists, Walt Rostow, founded the theory of economic growth which states that for a country to become economically developed, it must pass through five different stages: traditional society, prerequisites takeoff, takeoff, dynamism. at maturity and age of high mass consumption. Rostow believes that once a poor country passes these five stages, it will transform into an economically developed country. While Rostow's theory of economic growth highlights an effective path to development for some countries, Rostow's theory is not an effective model for explaining how many other countries will develop in the 21st century because it does not deals only with economic development and has a strong bias in favor of Western development. , and this assumes that each country is exempt from social charges. Before examining some of the flaws in Rostow's theory, it is necessary to understand the foundations of his development model. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Best known for his theory of economic growth, Walt Rostow uses five different stages to explain how an underdeveloped country can become economically stable and offer its citizens a better quality of life. The first stage, traditional society, occurs when a country has an agricultural-based economy that focuses on rigorous labor and low levels of trade. Citizens do not have in-depth knowledge of science, technology and the world, as will be presented later. The second stage, prerequisites for takeoff, occurs when a country begins to develop a manufacturing industry and a more international rather than localized outlook. The third stage, takeoff, occurs when a country goes through industrialization that triggers a brief period of accelerated growth during which institutions focus on a new industry. The fourth stage, maturity, occurs when living standards rise, the use of technology increases, and the economy begins to grow and prosper. The fifth and final stage of Rostow's theory of economic growth, the era of high mass consumption, is when an economy advances in a capitalist system through the mass production of goods by corporations and the mass conception of these goods by households. Together, these five stages of Rostow's economic theory aim to explain how an underdeveloped country can become an economically developed country with a better quality of life. Although Rostow's theory worked for many countries, it did not work in others. Walt Rostow was a world-renowned economist and political theorist, best known for his work on American national security affairs and his theory of economic growth. By analyzing the 5 stages of economic growth and what they entail, we can see that the overall goal is to achieve mass production and consumption. Although Rostow's theory of economic growth addresses theeconomic development, it does not address social development, which is crucial for improving living standards and achieving economic growth. While economic development is defined as the improvement of the economic well-being of a country, social development is defined as the progression of society through the prioritization of human rights and necessities. This includes, but is not limited to, the growth of education as well as the elimination of gender inequality. According to Todaro and Smith, if poverty, inequality and unemployment have all fallen from high levels, then this implies a certain level of development for that country (2003). By eliminating inequality and poverty, a country can become economically stable more quickly. There is a strong correlation between economic growth and the elimination of gender inequality. There are more people in the workforce, higher productivity and lower fertility rates when women have the opportunity to pursue an education and career. A study conducted between 1970 and 2009 found that for every additional year of education a woman of childbearing age received, infant mortality rates fell by 9.5 percent in 219 countries (Gakidou, et al., 2010) . Gakidou's study shows the importance of providing education to young girls and especially young girls of childbearing age. By providing education to young girls of childbearing age, they often do not have the time or means to have children because they are busy at school or at home doing schoolwork. This can reduce the total fertility rate, which, in turn, has a lesser impact on the economy. There is also economic growth when women are not at home caring for children but are instead part of the workforce. Rostow's theory of economic growth does not take into account social development or human priorities and, therefore, does not examine how eliminating gender inequality and women's education can lead to economic growth . Rostow's theory of economic growth also does not address environmental growth or environmental preservation and elimination of climate change. In terms of economic development, Walt Rostow's theory of economic growth is an effective explanation of how a country can achieve economic growth and a greater standard of living. Rostow's theory, however, does not address environmental growth or environmental preservation and elimination of climate change. The environment is of the utmost importance because everything that supports the survival of humanity depends on it. The fifth and final stage of Rostow's theory of economic growth, the era of high mass consumption, is when an economy advances in a capitalist system through the mass production of goods by corporations and the mass conception of these goods by households. The executive director of Greenpeace USA says that not only does mass consumerism have no positive effect on people's contentment, it has very negative effects on our environment due to the large quantities of wasted products thrown into landfills (Leonard, 2010). Although consumerism and mass production lead to economic growth, they do not support environmental growth or environmental preservation. The environment is central to economic growth because it provides manufacturers with the resources needed to generate goods for consumption. Staff from the UK Department of the Environment,Food and Rural Affairs suggests that the way people consume and produce goods needs to change so as to produce less waste (Everett et al., 2010). By changing the way goods are produced and consumed, a business not only produces less waste, but it also saves money by producing less waste because it uses fewer resources to produce its goods. This means the company ultimately has more money, which is the overall goal of manufacturing companies. In turn, this can lead not only to environmental growth or environmental preservation, but also to economic growth. The final stage of Rostow's theory of economic growth, consumption and mass production not only has negative impacts on the environment, but it is also not the end goal of all countries. Rostow's theory of economic growth has worked for many European countries, Singapore and especially. , in the United States, but it did not work in other countries. Walt Rostow's theory of economic growth constructs a development path that countries can follow to achieve economic growth, with the final stage being consumption and mass production. One of the central problems with Rostow's theory is his strong bias towards the Western world when developing his theory. Rostow's economic theory of development believes that every country strives to achieve the same goal through economic development. Although the goal of high consumption and mass production is consistent with Western goals, it does not take into account countries that have different goals. For example, in the West, more precisely in the United States, there is a lifestyle called the “American dream”. The idea of ​​the “American Dream” is that everyone’s goal is to acquire more wealth and capital in the form of money, cars, homes, vacations, and products. Although sub-Saharan African countries have deep cultural and family ties, they ultimately aim to strengthen ties to those roots. A study by Betty Bigombe and Gilbert Khadiagala reveals that major changes in the structure of economic gain in Africa ultimately affect the bonds one shares with a family more than the material elements (Bigombe and Khadiagala, 1990). The study conducted highlights the fact that in many African countries, structural economic development leads to the formation of stronger ties to family, historical and cultural beliefs, while in the West, economic development leads to consumerism. Thus, illustrating a very different outcome of economic development in these two regions, the reason for this is due to their opposing perceptions of the ultimate goal. There is therefore no doubt that Rostow's ultimate goal of "mass consumption and production" only suits the West rather than the whole world. For this reason, Rostow's theory of economic growth cannot be used in countries that do not share Rostow's end goal, making it not a viable model for the majority of the world. At the same time, Walt Rostow's theory can also be seen as tending to favor Western development through a country's conditions. Rostow believes that for a country to evolve from a "traditional society" to one with the "preconditions for take-off", there must be the formation of international ties, without which the country cannot progress. A country's ability to form international relationships depends on many factors, the most crucial being the country's geographic advantages, including coal,.