SOC 105 Study Guide - Midterm Guide: Extreme Poverty, Walt Whitman Rostow, Barter

• School: Stony Brook University
• Department: Sociology
• Course: SOC 105
• Professor: John Shandra

Document Summary

Walter rostow stages of economic growth, describe each stage. Traditional society: a traditional society has a subsistence economy where there is no output or input recorded, people barter rather than use real currency, there are also high levels of agriculture and labor intensive agriculture. In a traditional society, there is not a lot of economic growth: predominant economic activity. Drive to maturity (brazil, india, china, russia: growth is self-sustaining. Industry is more diversified: manufacturing plays an important role in economic growth. It doesn"t account for the history of poor nations, or what rich nations do in poor nations, instead it assumes it will be fixed if you follow the steps of rich nations. Does not take into account the relationship between the poor and rich nations such as the roles that the imf and world bank play into the development of the poor nations.