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High level equilibrium trap

The high level equilibrium trap is a concept developed by Benjamin Elman[?] to explain why China never underwent an indigineous Industrial Revolution. 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.

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... conducted by David Barsamian[?]. It was first published in the UK by Pluto Press[?] in 1996. The contents runs as follows: Introduction Looking Ahead: Tenth ...

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