The five stages of changes refer to the theory of Rostow's Stages of Economic Growth, which suggests that countries go through a series of stages in their development process.
Related terms
Traditional society: A traditional society refers to an underdeveloped country that relies on agriculture and has limited technology and infrastructure.
Precondition for takeoff: It is the second stage in Rostow's model where certain conditions are met, triggering economic growth and industrialization.
Drive to maturity: The fourth stage in Rostow's model when the economy becomes diverse and industrialized, with sustained growth.