In order to understand current developments in Asia, particularly the pattern of growth and accumulation, it is necessary to consider the historical development of the region. In this paper the authors explain these recent developments from the stagnationist tradition in Marxist literature. Using the stagnationist framework, three distinct phases of Asian capital are identified. The early phase was characterized by European interest in the region and with the start of Japanese industrialization, while the second phase is marked by the rise of Japan as the oligopolist power in the region. Finally, the rise of China as a significant economic force leading to structural change in the region is considered.