W.W. Rostow was an American economist who presented 'Stages of Growth' model of development. According to Rostow, the process whereby all the developed industrial nations of the world transformed themselves from backwardness to prosperity can be described in terms of a series of stages. These stages of economic growth are:

(1) Traditional society,
(2) Pre-conditions to take-off,
(3) Take-off,
(4) Drive to maturity,
(5) High mass consumption.