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Extensive study on industry evolution has produced fairly set models on the ways in which technical innovation drives success and determines winners and losers in the market. A few large, early-entry firms typically grow at disproportionate rates to dominate an industry, thanks to their economies of scale and capacity to invest in process innovations. But these established models assume a seamless, free-market backdrop. What about economies in transition, namely China? Ross professor Brian Wu, along with professor Sea-Jin Chang of the National University of Singapore Business School, studied the post-liberalization shakeout in China. They found that existing models may need tweaking when it comes to transition economies.
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