Model created in the 1950's that gives an idea of where a country is in their stage of development. The model of economic development describes a country's progression which occurs in five stages transforming them from least-developed to most-developed countries. There are five stages in this model, including: 1. "The traditional society," 2. "The preconditions for takeoff," 3. "The takeoff," 4. "The drive to maturity," 5. "The age of mass consumption."
Economic policies imposed on less developed countries (LDC) by international agencies to create conditions encouraging international trade, such as raising taxes, reducing government spending, controlling inflation, selling publicly owned utilities to private corporations, and charging citizens for more services.