Routledge Dictionary of Economics, Second Edition
A theory of economic development showing the transition of an economy from its most primitive state to modern CAPITALISM. TURGOT and SMITH independently advanced such views in 1750 but the late classical use of it in the hands of MARX immortalized it.
Smith divided history into four ages—hunters, shepherds, agriculture and commerce. More recently ROSTOW has suggested a five-stage theory which is as ambitious as Marx’s but without a theory of class conflict incorporated into it. Rostow’s theory has been regarded as being essentially an account of a WALRASIAN moving equilibrium.
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