After WWII, Japan became the first country in Asia to undergo an industrial revolution

After WW2? Industrialization during the 20s/30s was the whole reason they attempted to conqueror the Oceanic island states and the Chinese/Korean/Indochinese mainland.

They then suffered an economic collapse due to unchecked growth and speculative markets and decided to never again speculate on the future and just stick to tried and true methods.

The Japanese Economy was undone by The Plaza Accord and The Louvre Accord, which western nations used to devalue their currency and undermine Japanese export prices. The downturn, followed by a financialized corporate consolidation and expropriation of revenues through foreign investment, permanently crippled the Japanese economy in the aftermath of the 90s Asian recession.

What sets countries like Japan, Korea, and the Philippines apart from China is the domestic control of their industries. Their markets are dominated by private equity and fixated on steady profit margins rather than long term public investments. Consequently, the capital cities are flooded with cash and industrial development while the rural areas are devoid of commerce. There’s no shortage of speculation, but its rooted in the private equity markets and focused largely on fictitious capital - debt instruments and their derivatives - rather than real capital or technology.

Chinese investment in the periphery and its rising tide of middle class wage earners is what propels them into the 21st century. They’re the ones building out new transit lines, new public housing projects, new universities, and blue sky research. The Xi Government is openly hostile to speculative investment, doesn’t bother to bail out failing financial institutions, and focuses primarily on expansion of utilities, trade corridors, and mixed us developments.