stages of economic growth

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The theory that countries develop through a series of modes of economic organization, each leading to the next. Various such sequences have been proposed: for example, feudalism–capitalism–socialism; or hunting-gathering–herding animals–agriculture–industry–service-based economy. In each case several economies can be observed to have followed such a sequence; whether all economies must do so, or whether the order can be changed or some stages omitted, is a matter of debate.

Subjects: Economics.

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