Political Structure, Status Mobility, and Economic Growth in Imperial and Modern China

in Asian Journal of Social Science
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Virtually all theorists agree that one indispensable antecedent of economic development is the existence of innovators who discover and implement better ways of organizing the resources of production and exchange. Such an emphasis on entrepreneurial innovation and investment has characterized economic thought since Adam Smith, and it was voiced again in a modified form by Joseph Schumpeter:The slow and continuous increase in time of the national supply of productive means and savings is obviously an important factor in explaining the course of economic history through the centuries, but it is overshadowed by the fact that development consists primarily in employing existing resources in a different way, in doing new things with them (1949:68).



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