Scientific innovation has been driving US economic growth for decades. Losing that edge means losing access to the technologies and brainpower that come with it.
It’s clearly both. China is a country of 1.4bln people and a strong education system available to all. It’s obvious that in the long run China was going to surpass the US no matter what the US did. The very fact that China caught up and is now surpassing the west in every technological field is a clear indication that the rate of progress there is much faster.
It’s more that the economy in China is largely state driven, and the state also controls the golden share in all large private companies and has people on the boards of them. China is not a capitalist country where companies get to decide how to operate. They exist to serve the interests of the nation.
It’s clearly both. China is a country of 1.4bln people and a strong education system available to all. It’s obvious that in the long run China was going to surpass the US no matter what the US did. The very fact that China caught up and is now surpassing the west in every technological field is a clear indication that the rate of progress there is much faster.
Chinese corporation invest in R&D, like Americans did when it was GREAT. Now corporations invest in CEO salaries and stock buybacks.
It’s more that the economy in China is largely state driven, and the state also controls the golden share in all large private companies and has people on the boards of them. China is not a capitalist country where companies get to decide how to operate. They exist to serve the interests of the nation.
https://www.piie.com/research/piie-charts/2024/chinas-private-sector-has-lost-ground-state-sector-has-gained-share-among