Countries commencing industrialization with relatively low levels of agricultural productivity, hence low wages, enjoy advantages that can also prove host to daunting challenges. The chief advantage is a relatively elastic supply of labor for manufacturing; the chief challenge is how to free up...

Key Features:Advances the literature on economic development and the field of economic history, particularly of East AsiaOffers a new interpretation of the barriers to economic development with an argument that is compelling in its simplicityProvides understanding of why East Asia fell behind...