The economic development and stability of a nation are one of the tenets that people use while judging on the wellness of that country. As such, countries that have large economies are considered developed while those with smaller economies are considered less developed. Consequently, more developed nations yield much more influences, power, and authority as compared to the less developed countries. Development as a concept refers to that process that a nation goes through to amass production units capable of accelerating its growth. In essence, development takes time and effort which are a result of goodwill from the policymakers, citizens and leaders alike. Following these many scholars have painstakingly come up with development theories to help shed light on the concept of development with. One of the influential theories is the modernization theory by Walt Rostow.
Modernization theory
This theory which was proposed by Walt Rostow after World War II looks at how nations can move away from traditional economies to more organized and adaptive economies. According to Wucherpfennig and Deuttsch, this theory economic development encompasses five stages which are traditional society, preconditions for take-off, take off, drive to maturity and finally the age of mass consumption 1 . Rostow considered how World War II affected the economies of the participating economies either for the worse or for, the better. What this means is that there are nations that reaped out of the war while others lost heavily. Nations that in the past were colonial masters had let go of their colonies which over the years had supplied raw materials to their industries meaning there was an economic downturn 2 . Additionally, former colonies were now becoming emerging states which needed guidance on how to develop their countries. It thus indicated that they had to look for newer and better methods to rejuvenate their economies. Modernization theory was seen as the answer to their economic development needs. These nations could now progress from their current development states to higher economic development stages as prescribed in this theory. The former colonies, for example, were still relying on traditional and subsistence industries which could not foster accelerated economic development. Going by the modernization theory Tennessee Valley in the United States has witnessed massive economic growth as compared to other states in the US. According to McGee, adoption of newer technologies has seen unemployment rates go down to 4.3 percent as compared to 4.9 percent which is the national rate 3 . The reason for this is the fact that Tennessee has done away with most of the traditional farm jobs and embracing manufacturing jobs and thus creating more decent employment opportunities.
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Bibliography
Matunhu, J. “A critique of Modernization and Dependency Theories in Africa: Critical Assessment.” African Journal of History and Culture, no. 3.5 (2011): 65-72.
McGee, Jamie. “Tennessee's Economic Growth Surpasses Nation's.” Tennessean . http://www.tennessean.com/story/money/2016/05/26/tennessee-economic-growth-surpasses-nations/84984946/ (Accessed January 9, 2018).
Wucherpfennig, Julian and Franziska Deutsch. “Modernization and Democracy: Theories and Evidence Revisited.” Living Reviews in Democracy, 2009.
1 Julian Wucherpfennig and Franziska Deutsch, “Modernization and Democracy: Theories and Evidence Revisited,” Living Reviews in Democracy, 2009, 7.
2 Matunhu, J, “A critique of Modernization and Dependency Theories in Africa: Critical Assessment,” African Journal of History and Culture, no. 3. 5 (2011): 66-67.
3 Jamie McGee, “Tennessee's Economic Growth Surpasses Nation's,” Tennessean, http://www.tennessean.com/story/money/2016/05/26/tennessee-economic-growth-surpasses-nations/84984946/ (Accessed January 9, 2018).
