Final answer:
The two accepted models of economic development are Rostow’s stages of growth and market-oriented economic reforms. Rostow's model outlines a progression from traditional society to high mass consumption, while market-oriented reforms emphasize health and education investments for sustainable growth. Both models recognize the differences between developed and developing nations and focus on inclusive and sustainable development.
Step-by-step explanation:
The two models of economic development that have gained acceptance in the world are the Rostow’s stages of growth and market-oriented economic reforms. Rostow's model outlines a five-stage process of development, starting from a "traditional society" and ending in an "age of high mass consumption". The market-oriented model involves reforms that focus on improving standards of living through investments in health, education, and human capital development, and addresses challenges in maintaining growth rates and avoiding poverty traps.
Rostow’s model was prominent in the 1960s and provides a linear progression of economic development, which has been influential in understanding the transformation of economies over time. On the other hand, market-oriented economic reforms have contributed to significant increases in standard of living and technological advancements. However, the challenge remains in ensuring that economic growth is inclusive and leads to sustainable development.
These models address the complexities of economic systems and recognize the distinction between more developed and less developed nations. The conversation has evolved from focusing purely on growth to considering how to achieve sustainable development, which seeks to balance economic progress with environmental protection and social equity.