Final answer:
Walt Rostow's 1960s modernization theory describes five stages of economic growth a society follows, from a 'traditional society' to an 'age of high mass consumption'. This model served as a blueprint for economic development and has significantly influenced developmental policies and the global economic outlook.
Step-by-step explanation:
The 60's modernization theory, particularly Walt Rostow's model, outlines five stages of economic development that societies ostensibly follow in their transition from a traditional state to a modern one. These stages are:
- Traditional society: Characterized by a predominance of subsistence agriculture and limited technology.
- Preconditions for take-off: A period where the groundwork for industrialization is laid, with changes in the structure of society and economy.
- Take-off: Rapid growth in a limited number of industries, which propels the economy and leads to increased investment and production.
- Drive to maturity: Diversification of the industry, technological advancements, and the spread of industrialization to new areas of the economy.
- Age of high mass consumption: A marked increase in consumer goods production, high incomes, and widespread consumption of a wide range of products and services.
This theoretical framework was used to describe and prescribe pathways to economic development for countries around the world.