Rostow (1960) developed a five-stage model of development,
based on an analysis of the British industrial revolution:
1. The traditional society.
2. The preconditions for take-off.
4. The drive to maturity.
5. The age of high mass consumption.
According to Rostow the key features for success and
development are entrepreneurial ambition alongside capital accumulation and
investment. His model suggested that all countries have an equal chance to
progress. The central argument was that the majority world needed to
industrialize in order to develop (Potter et al. 2008).