Hypercompetition and the Disruption of Superpowers
Let me make a prediction right off: history is going to repeat itself. The United States went through a period after World War II in which capitalism struggled to overtake communism; later, American capitalism was challenged by an emerging economic power, Japan. The Japanese version of capitalism easily stunned the smug and complacent United States. Over time, the United States righted itself, recalculated how to compete, and came back with new moves to secure its role as the world economic leader.
That was the 1980s. Japan had huge trade imbalances with America. The U.S. ...