fundamental mechanisms behind China's rapid industrialization. This article reviews the New Stage Theory of economic development … Xiaoping in 1978: namely, small-scale commercialized agricultural production, proto-industrialization in the countryside, a …'s economic rise is that the extent of industrialization is limited by the extent of the market. One of the key strategies behind …

developed western world by going through three developmental stages sequentially; namely, a proto-industrialization in the rural …, economies stuck in the low-income trap or middle-income trap did not follow the above sequential stages of industrialization …. For example, many Eastern European and Latin American countries after WWII jumped to the stage of heavy industrialization …