May 2024
Intermediate to advanced
688 pages
51h 31m
English
Content preview from Business Environment, 1st Edition by Pearson
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| 206 | Part III: The Economics of Development
technological and entrepreneurial skills to produce anything its
people want. Elaborating on this stage of economic growth in
terms of sectoral development, Rostow argues that when a soci-
ety advances towards the drive to maturity, the then leading sec-
tors of the take-off stage fail to maintain their importance due to
a steady decline in the rates of their expansion. Older industries
tend to level off and the new industries accelerate. For instance,
the phenomenal growth of railways in the United Kingdom,
Germany, France and the United States had promoted the growth
of coal, iron and heavy engineering industries during their respec-
tive take-off periods. In the latter part of industrialization, ...
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