Econ9.13.10

Econ9.13.10 - Why did China not industrialize earlier A....

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Why did China not industrialize earlier A. Mark Elvin 1.Potential reasons: lack of capital: for investment->low labor productivity, low income, low mass purchasing power, no pressure to invest Restricted markets Political obstacles-government levies customs, cannot guarantee public security Enterprises are small-scale and short lived: no commercial law, no trust (Shansi bank) Mark Elvin thinks that all of the conditions for industrialization was in place. Population didn’t have the mania for tinkering and improving technology that Europe had. Why? 2. Argument is high level equilibrium trap Nobody wanted to try and improve technology. Shortage of resources, labor is cheap. Transport dualism:waterways really good, no need to innovate for roads. Steam boat too big of a jump Agriculture: high yields per acre…no way to innovate further. Best possible agriculture given pre-modern technology . No surplus, no incentives, a lot of labor that is cheap. No incentives to come up with labor saving devices.
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Econ9.13.10 - Why did China not industrialize earlier A....

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