The present day developed countries were at one time at the stage of development where third world countries are today. LDCs are developing, but happened to be lagging behind for some social, cultural, economic, institutional and political reasons. It is possible that given the favourable conditions, poor countries will also reach higher levels of development.

According to Professor Walt Whitman Rostow, all societies will have to go through five stages:

i.            The traditional stage.

ii.            The pre-condition for take-off/transitional stage

iii.            The take-off stage

iv.            Drive to maturity stage

v.            The age of high mass consumption