High level equilibrium trap

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The high level equilibrium trap is a concept developed by Mark Elvin to explain why China never underwent an indigenous Industrial Revolution, despite its wealth, stability and scientific advancement.

According to Elvin, 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.


[edit] References

  • The High-level Equilibrium Trap
  • Mark Elvin, "The high-level equilibrium trap: the causes of the decline of invention in the traditional Chinese textile industries" in W. E. Willmott, Economic Organization in Chinese Society, (Stanford, Calif., Stanford University Press, 1972) pp. 137-172.
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