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This book argues that China must become an innovation-based economy to avoid the middle-income traps, and examines both the opportunities and challenges in meeting this goal.

Entrepreneurs, managers, and policy makers must make decisions about a future that is inherently uncertain. Since the only rational guide for the future is the past, analysis of previous episodes in industrial development can shape informed decisions about what the future will hold. Historical scholarship that seeks to uncover systematically the causal processes transforming industries is thus of vital importance to the executives and managers shaping business policy today. With this in mind, Johann Peter Murmann compares the development of the synthetic dye industry in Great Britain,...

Entrepreneurs, managers, and policy makers must make decisions about a future that is inherently uncertain. Since the only rational guide for the future is the past, analysis of previous episodes in industrial development can shape informed decisions about what the future will hold. Historical scholarship that seeks to uncover systematically the causal processes transforming industries is thus of vital importance to the executives and managers shaping business policy today. With this in mind, Johann Peter Murmann compares the development of the synthetic dye industry in Great Britain,...