High level equilibrium trap
The high level equilibrium trap is a concept developed by Benjamin Elman to explain why China never underwent an indigenous Industrial Revolution.
Related Topics:
Benjamin Elman - China - Industrial Revolution
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According to Elman, the non-mechanized processes in agriculture and industry in China were so well developed and efficient that they outcompeted early mechanized processes, thus making capital investment in mechanization unprofitable.
Related Topics:
Mechanized - Agriculture - Industry - Capital
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