this post was submitted on 21 Mar 2025
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Economics Explained has an interesting video on the topic. After WWII, Japan became the first country in Asia to undergo an industrial revolution and soon became the second largest economy after the US and was by many accounts set to match or even overtake the US. 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.
Since the 1990s, Japan's economy has barely changed while other nations have seen huge growth. You'd assume that would mean Japan is now far behind, but they aren't. They seem to have mastered keeping everything the same for decades without the normal decline that comes with it.
I spend at least a month in Japan every year and the tech there is great for the most part. All of the critical parts infrastructure tech is brilliant and incredibly stable.
The lack of risk taking is very noticeable though especially when it comes to contemporary software and UX. There just so much broken tech because everything moves so slowly - for example to pick up a reserved train tickets you need to bring the same physical card you made you payment with and thats the only way. So if you used a virtual card or forgot your card at home you're screwed.