7. Ostov’s model of stages of growth.
Case Study 1: South Korea’s Economic Growth
Theories and Perspectives Applied to Growth Stages:
- Rostow’s Stages of Economic Growth (1960) – Economic development occurs in five distinct stages.
- Core-Periphery Model (Friedmann, 1966) – Highlights spatial inequalities in development.
- Decision Theory (Herbert Simon, 1957) – Studies rational decision-making in economic policies.
Models/Theories/Laws Applied:
- Growth Pole Model (Perroux, 1955) – Explains how economic development concentrates in key centers.
- Systems Analysis Approach – Assesses economic growth through multiple indicators.
- Actor-Network Theory (Latour, 1987) – Investigates relationships between industries, government, and global markets.
Recent Data:
- Economic Growth: South Korea transitioned from an agrarian economy to a global tech hub.
- Industrial Expansion: Rapid growth in electronics, automobiles, and shipbuilding industries.
- Policy Initiatives: Government-led industrialization and export-driven strategies.
Spatial Variation:
- Urban Centers: High economic influence due to industrial clusters.
- Rural Areas: Moderate development with agricultural modernization.
Temporal Variation:
- Historical Trends: Economic transformation accelerating since 1960s industrialization.
- Future Projections: Expected rise in AI-driven innovation and green technology investments.
Insight:
South Korea’s economic transformation validates Rostow’s Model, emphasizing the role of industrialization in driving national development.
Case Study 2: India’s Economic Transition
Theories and Perspectives Applied to Growth Stages:
- Rostow’s Stages of Economic Growth (1960) – Economic development occurs in five distinct stages.
- Core-Periphery Model (Friedmann, 1966) – Highlights spatial inequalities in development.
- Systems Thinking (Russell Ackoff, 1971) – Emphasizes interconnectedness between economic sectors.
Models/Theories/Laws Applied:
- Growth Centre Model – Focuses on planned development through designated economic hubs.
- Spatial Interaction Model (Reilly, 1931) – Explains movement and interaction between urban and rural areas.
- Sustainable Development Framework – Evaluates strategies for mitigating environmental impact.
Recent Data:
- Economic Growth: India transitioned from a mixed economy to a global service hub.
- Industrial Expansion: Growth in IT, pharmaceuticals, and manufacturing sectors.
- Policy Initiatives: Make in India and Digital India programs promoting industrialization.
Spatial Variation:
- Urban Centers: High economic influence due to service and industrial sectors.
- Rural Areas: Moderate development with agricultural modernization.
Temporal Variation:
- Historical Trends: Economic transformation accelerating since 1991 economic liberalization.
- Future Projections: Expected rise in digital economy and green infrastructure investments.
Source:
- Rostow’s Stages of Growth – BBC
Insight:
India’s economic transition validates Rostow’s Model, emphasizing the role of policy-driven industrialization in shaping national development.
