In the 1950s, when Japan and much of Europe was in ruins, the U.S. accounted for 50% of the world’s global production. By the 1960s, this was 35%, declining to 25% by the 1980s. By 2025, the U.S. share of global production had fallen to 12% as production grew elsewhere. (itif.org, Feb. 18)
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I am saying China was less industrial an economy than USSR in 1989. I agree China is more industrialized now.
My point being that China had a lot of challenges to industrialise back in the 80s because it was far less developed than other socialist countries. The USSR fell yet China continued to develop industry due to solving a lot of different economic issues.
Politics can take some of the blame for USSR falling but I would argue that economics is a major factor also.
The US is now trying to industrialise more and facing its own challenges. Even if it suddenly turns socialist (as the article suggests in the conclusion), the US still faces the same economic challenges as would if it remained capitalist.
Exchange rates and the government bond markets affect every country that trades.
Good points