Final answer:
The Modernization Model for Economic Growth was created by Walt Rostow, an economist who provided a five-stage model describing a country's economic evolution from traditional society to high mass consumption.
Step-by-step explanation:
The creator of the Modernization Model for Economic Growth is c. Walt Rostow. In the 1960s, economist Walt Rostow developed this model, which was presented in his work 'The Stages of Economic Growth: A Non-Communist Manifesto.' Rostow's model outlines five stages that describe how a country evolves economically from a traditional society to one that reaches an age of high mass consumption. This model has played a significant role in understanding economic development within the context of a global economy.
Adam Smith, on the other hand, is known for rejecting mercantilism and advocating for free trade, as noted in his proposal that trade liberalization benefits individuals and countries. John Maynard Keynes was another influential economist, recognized for his contributions to macroeconomic theory during times of economic downturn, while figures like Milton Friedman and Friedrich Hayek contributed to the establishment and support of the U.S. free enterprise system through their economic philosophies.