The Stages of Economic Growth: A Non-Communist Manifesto

This is a classic study of economic growth, first published in 1960. Its general tone very much reflects its era, optimistic and technocratic. It also reflects the science and social science of its day, deterministic and linear. More obviously, the subtitle and some of the rhetoric reflect the politics of 1960, and the desire to present a coherent ideological alternative to Communism. Obviously the world has changed. We live in an age of irony, not optimism, and we now appreciate the role of politics in both encouraging and retarding economic growth. Science is more nonlinear, nondeterministic, and political economy recognizes the existence of multiple paths to any end point. Communism is dead. Despite that, the argument here is still worth reading. It was very influential in its day, and set the tone for a lot of work on development (whether still recognized or not). Rostow presents the material clearly and concisely. The causal links between the various stages remain very unclear to me, and to others, but that gap still represents a promising research agenda for those interested in how some countries get stuck at one level of economic development or another.

This book is a terrific exposition on how various countries go from traditional societies to societies of mass consumption. If you want to know what kind of preconditions are necessary for economic take-off (like 10% investment of GDP or a leading take-off sector), this book sets the standard. It is a classic work which many economists have used to build on since then. And though this book is meant as a counter to the Communist Manifesto, Rostow does not get caught up in a mundane critique of the former USSR. Instead, the reader gets some very incisive criticism on what was wrong with the ideology and implementation (the means often determine the ends) in the USSR. At the end of the day, what you get with this book is a handbook to economic growth, something useful to countries not yet in the "take-off" period and for those who wish to understand economic growth.

The summary says it all. This text provides a terrific foundation in the explanation of Rostow's theory of economic growth. It is unfortunate that Rostow's writing is as dull as it is, because, underneath it all, is a rather interesting book.