Have you heard about the economist Mancur Olson and his theory of institutional sclerosis? His thesis is that bureaucracy tends to build on itself, becoming less rational and more wasteful as a society ages. Occasionally, there is a catastrophic event that overturns the established order, wiping out the cruft and allowing society to start fresh. However, over time the waste grows again.

He uses this theory to explain why the American South did so well after reconstruction and after the Civil Rights movement. He would likely also argue that this explains why Japan and China have done so well, since both underwent massive disruptions in the last century. Our own society, however, has been very stable for many centuries and has had plenty of time to accumulate bureaucratic lard.