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The model postulates that economic growth occurs in five basic stages, of varying length:
Determinants (1947-1951):
Determinants (1951-1959):
Infrastructure Development (Irrigation, canals, ports like Bin Qasim).
Money markets (Habib Bank, First Commercial Bank).
Fiscal and Monetary Policy.
Specialization.
Take-off: Rostow describes this stage as a short period of intensive growth, in which
industrialization begins to occur, and workers and institutions become concentrated
around a new industry. Stable exchange rate.
Drive to Maturity: This stage takes place over a long period of time, as standards
of living rise, use of technology increases, and the national economy grows and
diversifies.
Mortgages.
Internet Banking.
Urban Society.
Submitted By:
Khuram Ahmer(15991)
Mir Faisal(19146)