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Copyright 2021 – Biz/ed Models of Development Copyright 2021 – Biz/ed Models of Development Copyright 2021 – Biz/ed Models of Development ? How do countries develop? ? If we can understand how development occurs, strategies can be adopted to help countries to develop ? Number of approaches: Copyright 2021 – Biz/ed Rostow Stages of Growth Copyright 2021 – Biz/ed Rostow Stages of Growth ? The work of American Walt W. Rostow ? Rostow is an economic historian ? Countries can be placed in one of five categories in terms of its stage of growth: A child in Sierra Leone making breakfast. Which stage would a country like Sierra Leone fit in? Copyright: Dave Dyett, Copyright 2021 – Biz/ed Rostow Stages of Growth 1. Traditional Society ? Characterised by – subsistence economy – output not traded or recorded – existence of barter – high levels of agriculture and labour intensive agriculture Village in Lesotho. 86% of the resident workforce in Lesotho is engaged in subsistence agriculture. Copyright: Tracy Wade, Copyright 2021 – Biz/ed Rostow Stages of Growth 2. Preconditions: – Development of mining industries – Increase in capital use in agriculture – Necessity of external funding – Some growth in savings and i