Just-In-Time Strategy and Rostow's Stages of Development

Just In Time Strategy
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Just In Time Strategy
Just-in-time manufacturing (JIT) is a business strategy in which a manufacturer manufactures each item when required rather than storing a large stockpile of extra goods. The primary advantage of the method is that it enables businesses to ensure that there is always a market for every product they manufacture, hence maintaining low inventories (Yang et al., 2021). If no clients are interested in purchasing a product, production ceases. Eliminating the costs involved with transporting and keeping inventory will reduce non-profitable activities and increase the flexibility of the production system. There is no place whatsoever for more products. This paper aims to describe the importance of Just in Time strategy in the 'age of mass consumption as per Rostow's stages of development and its effect on the people of the Global South.
Rostow's Stages of Development
Traditional society is in the early stage. The population of a traditional, egalitarian society is supported through agriculture. Traditional culture predominated throughout the pre-Newtonian era due to the severely limited or pre-Newtonian level of technology. Selwyn (2021) explains that the second step is referred to as transition. Changes in the social, political, and economic spheres characterize this stage. Numerous social upheavals, revolutions, and other socio-political movements occur during this period.
The third stage is the take-off phase, a period of rapid growth (Selwyn, 2021). The rate of economic development is accelerating at a far faster rate than the rate of population expansion. This stage lasts 20 to 30 years, during which the economy develops automatically and becomes self-sufficient. Drive-to-maturity is the fourth stage of development. The next stage is technical maturity (Kyianytsia, 2021). During this period, a lot of current technology is seen in most of its resources. It is interesting to note that during this time, society strives to generate everything and anything. As a result, the economy operates at a high level of efficiency. The prolonged phase of economic expansion has lasted for more than 40 years. The fifth stage is the era of mass consumerism. Rostow held that it is the pinnacle of development, as explained by Kyianytsia (2021). The focus of society at this point moves from supply to demand, from the production problem to the consumption problem. The established nation operates on its own at this phase.
JIT Strategy in the Modern Age
Historically, the logistics industry has been severely impacted by economic downturns. However, we must also recognize that the industry has significantly benefited from the major trends of the last 50 years, such as globalization, the expansion of just-in-time supply chains, and the exponential growth of online shopping (Nugroho et al., 2022). Global eCommerce will likely continue to expand. In its 2020 study on how cons...