Walt Rostow, economic advisor to U. S. President Kennedy, suggested that all countries go through four stages of economic development. The first stage is the stage, in which very little social change takes place, and people do not think much about changing their current circumstances.

Explanation:

W.W Rostow was one of the important thinkers of Development studies in 20th century . He was an american government official and economist.  He told about the four stages of Economic growth in 1960s, according to him all the countries passed thorough these stages to become developed. the stages are 1)Traditional society  2) preconditions to take -off 3) take-off 4) drive to maturity and 5) age of high mass consumption.  

Traditional society is a agriculture based economy in which intensive labour is rampant with low levels of trade,  The population also doesn't have a  scientific perspective on technology and the world.

there were abundant sources of fuel nearby

answer: capitalism and socialism are formal economies. the major differences between capitalism and socialism revolve around the role of the government and equality of economics. capitalism affords economic freedom, consumer choice, and economic growth.

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