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7: 17).

Indeed, modernization theory and the neo liberalism theory have aptly captured the ways through which economic growth can be achieved. Although containing inherent weaknesses as can be discerned from the overflowing criticism against them, they elaborately point out the key ingredients core to economic growth. The modernization theory has outlined the importance of a nation to shift from the traditional approach to economic operations to a modernized system if economic growth is to be accomplished. Although riddled with controversy due to its conservative and steadfast hold on to traditions, the case of Japan is highlighted as the best explication of how modernization is the core path to economic development. According to this theory, economic growth has been elusive to most Third World Countries due to their reluctance to embrace modernity opting rather to stick to their traditional, wasteful and parochial practices. Neo-liberalism has also charted an unparalleled path towards economic growth. It lays its emphasis on the market forces as the key determinants of the economy. For countries hence to achieve an economic growth rivaling that of the developed nations, it is imperative that the government role in the economy be lessened to a bare minimum and the market forces be given room to thrive. (Schuerkens 2007: 19).

Rostow failed to indicate the need of a financial infrastructure which could channel the savings made to investment. Again there was no guarantee that the investment made would lead to economic growth. The need for other infrastructures like education, roads, rails and communication were also undermined and they are important to register economic development. He emphasized on investment though he did not indicate if it was efficient or it was used on luxury goods. The argument that countries would learn and adopt better production means that would ensure economic development has failed the test of time as some countries remain in the initial stages of development though others continue to advance.
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