The European theory of the "circular economy" focuses on the final value of metals, minerals, and petrochemicals. Today I'll try to explain, as succinctly as possible, why this "Ptolemy" circle (stuff revolves around us) wasn't recognized in Emerging Markets.
While researching the CRT Recycling Infrastructure for the Massachusetts DEP's first-in-the-nation statewide e-waste disposal program in 1999, I was told about Dr. Yuzo Takahashi (by Panasonic rep and Japan history buff David Thompson). Dr. Takahashi had published a brief book titled "A Network of Tinkerers: The Advent of the Radio and Television Receiver Industry in Japan."
... and reading about how Asians traded parts and components (readily visible on Alibaba, Exporters.com, RecycleINME, and Recycle.net back in those days) are seen by Asians starts in the Japanese living room.
When a society is building it's devices from components, the value added of the parts is far more important than the scrap value. Most USA and Europeans buy a pre-assembled electronic device sealed in a box and sold under warrantee. That blinded us to the parts and components trade, which is FAR more valuable than raw materials. Like aftermarket car parts, 20% of a scrap device is worth 80% of the money.