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Rostow Modernization Theory PDF

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Added on  2021-04-16

Rostow Modernization Theory PDF

   Added on 2021-04-16

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Running head: ROSTOW'S MODERNIZATION THEORY
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ROSTOW'S MODERNIZATION THEORY1Rostow's Modernization TheoryStudent nameDate
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ROSTOW'S MODERNIZATION THEORY2Essay topicCritically evaluate Rostow's 'modernization theory' of developmentThesis StatementThere is lack of development in most of the southern countries despite those countriesbeing exposed to capitalism. This is what has necessitated the development of modernization.This theory was developed in the late 1940s. This paper looks at the role that modernizationtheory played in providing a non-communist solution which proved necessary in doing awaywith poverty in the developing world after World War II.Argument Topic sentenceThe aim of the modernization theory is to help explain why some nations are notdeveloped despite the fact that such nations have been exposed to capitalism. Poor countries inthe world are characterized by lack of development due to low rate of market development anduse of resources towards economic growth. Since, the countries in the world are dependent oneach other for sharing of resources including material resources, human resources and humanresources. When countries like Democratic Republic of Congo are under-developed, their marketalso remains underdeveloped and dependent on developed and emerging markets for even thebasic requirements like food. These countries due to lack of market development fail to attractinvestments and consequently generate very low revenue, thus contributing insufficiently to theglobal revenue generation. As per Rostow’s modernization theory, nations take off towardsattainment of economic development when they start utilizing their economic capabilities likegeneration of large revenue due to presence of large consumer base instead of sticking to their
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ROSTOW'S MODERNIZATION THEORY3traditional business policies like restricting their consumption only to locally available goods.And secondly, it creates a sustainable development solution which stands on equable distributionof resources based on communism to help root out poverty by making constructive economicchanges through introduction of western culture as well as value for purposes of bringing aboutmodernization (Klinger, 2017).JustificationAccording to Machado & Mata (2013), it was evident that after World War II, most ofthe southern nations were still underdeveloped because their resources were used by developedand more powerful nations which had colonies them for their own development. These southernnations consequently, were not able to use their resources for their own development and haveremained underdeveloped in spite of being exposed to capitalism. Some of the barriers toeconomic development were seen to be arising from the cultural practices of the people. Thesecultural practices barred development. The southern nations like Congo were not developedbecause of their increasing reliance on their traditional consumption pattern which was restrictedto local produce. Moreover, they did not have the financial resources or the technology requiredto exploit their natural resources. This led their markets to be underdeveloped. Moreover, therestriction of their governments on foreign companies repelled multinational companies formother countries from entering their markets and investing in their development. Thus internalcultural barriers to foreign companies in the southern nations were largely responsible theirunderdeveloped markets.The southern countries were mainly dependent on their traditional industry consisting ofagriculture which was old fashioned and equally in need of development. These countries owingto their lack of financial resources could not exploit their natural resources like minerals. As a
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