They are going through the same thing as us, but we still have people saying that capitalism will move us "forward". No, capitalism in these countries simply means that their exploitation isn't as readily obvious. It's "friendly". This is why there are pool tables in offices for example, it's there to placate you while your wages fail to represent the work you do. The discrepancy between the value of what is produced and the wages given in return is most visible in countries like China in these factories. It's less readily obvious when your boss lets you play pool in the office.
As far as I can tell, the only "indistrialization and modernization" that's going on is workers being treated better, while retaining the idea that it's fine to do certain things that, say, damage the environment and it's fine to maintain the discrepancy between the labour applied and the wages.
I think it ought to be abandoned as a whole, and this concept of "limits to what capitalists can do is better than stopping them from doing it" is abandoned. That's my two cents anyway.