Encyclopedia > High level equilibrium trap

  Article Content

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.

All Wikipedia text is available under the terms of the GNU Free Documentation License

  Search Encyclopedia

Search over one million articles, find something about almost anything!
  Featured Article
East Marion, New York

... (2.2 mi²). 5.4 km² (2.1 mi²) of it is land and 0.3 km² (0.1 mi²) of it is water. The total area is 5.83% water. Demographics As of th ...

This page was created in 24.6 ms