China's Technological Leapfrogging and Economic Catch-up: A Schumpeterian Perspective

ABOUT THE BOOK
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, or the situation in which economic growth slows down as a country reaches the middle income stage. China's Technological Leapfrogging and Economic Catch-up: A Schumpeterian Perspective 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. This book 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.

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