Surveying the devastation in Germany or Japan in 1945, few could have predicted how rapidly reconstruction would ensue, or that it would be followed rapidly by breathtaking and sustained economic growth. The post-war economic and technological performance of the two nations has generated marvels and, not surprisingly, also a desire in many other countries to imitate them. To some degree, they are, however, inimitable. After all, prior to 1945, each of the two nations had already developed distinctive capabilities, organisations, behaviours, political traditions, and social norms. The revolutionary changes to the German and Japanese versions of capitalism that followed defeat therefore emerged from highly unusual circumstances. Recognising this, however, does not mean that lessons cannot be learned from looking at their post-war history. There are two broad sets of lessons. First, a number of institutional and organisational innovations developed in the two countries after 1945 can serve as inspiration for similar innovations in other countries. Second, analysis of their responses to issues such as globalisation, energy policy, and national security can yield useful insights for others. Overall, the track record of German and Japanese capitalisms in adapting to the global political economy since 1945 favours guarded optimism about the future.