Keun Lee

After the miraculous economic growth known as the Beijing Consensus, China is now facing a slowdown. The attention has moved to the issue of the middle income trap. This book deals with this interesting issue in the context of China. It also discusses China's limitations and future prospects, especially after the rise of a new cold war between China and the US, namely the question of whether China would fall into another trap called the Thucydides trap, or conflict with the existing hegemon as a rising power. In sum, this book plays around three key terms, namely, the Beijing Consensus, the Middle Income Trap, and the Thucydides trap, and applies a Schumpeterian approach to these concepts. It also conducts a comparative analysis that examines China from an economic catch-up perspective. An economic catch-up starts from learning and imitating a forerunner, but finishing the race successfully requires taking a different path along the road. This act is also known as leapfrogging, which implies a latecomer doing something different from, and often ahead of, a forerunner. Technological leapfrogging may lead to technological catch-up, which means reducing the technological gap, and then finally to economic catch-up in living standards (per capita income) and economic size (GDP: economic power). This linkage from technological leapfrogging and catch-up to economic catch-up corresponds exactly with a similar linkage from the Beijing Consensus to escaping (or not) the middle income and the Thucydides traps. One conclusion from this book is that China's successful rise as a global industrial power has been due to its strategy of technological leapfrogging, which has enabled China to move beyond the middle income trap and possibly the Thucydides trap, although at a slower speed.

A Schumpeterian Perspective

China's Technological Leapfrogging and Economic Catch-up

Eduardo Albuquerque

Wilson Suzigan

Glenda Kruss

Interactions between firms and universities are key building blocks of innovation systems. This book focuses on those interactions in developing countries, presenting studies based on fresh empirical material prepared by research teams in 12 countries

University_Industry Interactions in the Global South

Developing National Systems of Innovation

Thomas Clarke

This book promotes the creation of advanced knowledge-based economies driven by innovation networks and the continuous development of human capital and capability. It provides valuable insights into the growing emergence of knowledge-based industries of the Asia Pacific, and highlights research on: modes of creativity and innovation; intellectual property; the components of national innovation systems such as firms, education and training; knowledge and technical infrastructure; and public policy. The Asia Pacific region is currently in the process of transforming from being the manufacturing centre of the global economy to a centre of innovation for the knowledge economy, with the successful IPO of Alibaba in 2014 being a prime example of this shift. From a neo-Schumpeterian perspective, the region is increasingly engaged in shortening and intensifying cycles of innovation. The historic agreement at the Beijing APEC meeting between China and the US to radically reduce carbon emissions indicates that one imperative of this innovation is to contribute to sustainability. The fact that the US Government is moving away from this historic commitment, while the Chinese Government is endorsing the commitment, indicates an emerging opportunity for Asia to lead the world technologically in a vital industrial sector of the future.

From Manufacturing to the Knowledge Economy

Innovation in the Asia Pacific

A highly original book that provides policy solutions for development challenges, framing them with insightful and inventive allegories.

Barriers, Detours and Leapfrogging in Innovation Systems

The Art of Economic Catch-Up

This book elaborates upon the dynamic changes to Korean firms and the economy from the perspective of catch-up theory. The central premise of the book is that a latecomer’s sustained catch-up is not possible by simply following the path of the forerunners but by creating a new path or ‘leapfrogging’. In this sense, the idea of catch-up distinguishes itself from traditional views that focus on the role of the market or the state in development.

The Path to Development and Macroeconomic Stability in Korea

Economic Catch-up and Technological Leapfrogging

Franco Malerba

Kurt Dopfer

Richard R. Nelson

Giovanni Dosi

Andreas Pyka

Constance E. Helfat

Pier Paolo Saviotti

Presents the evolutionary perspective of the economy as perpetually moving, driven by innovation, and the empirical research this has guided.

An Overview

Modern Evolutionary Economics

Fresh analysis of the secrets of Asian economic success and how other countries can escape the 'middle-income' trap.

Keun Lee

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