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A huge factor in this is energy- coal, oil, electricity.
These modern energy sources have enabled most of the reduction in toil and increase in material productivity.
But coal and oil have resulted in altering the chemical composition of the atmosphere and that is changing the climate.
That is now beginning to have significant effects on the economy- on farming, real estate and infrastructure.
Today USA is losing its lead in the global wealth and power balance- and China has already won the trade war and cut off supply of vital rare earths to the US military industrial complex.
The petrodollar is dying.
A contest is developing for global hegemony and any measure of wealth and purchasing power needs to factor in such global power changes.
The oil fueled US empire is in decline and China with its modern electricity based industrial and developing post industrial competitive advantage is emerging as the primary economy on the planet.
We organise into groups- nation states operating under different and competing models and philosophies- Chinas mercantile, autocratic, state capitalism hybrid vigour model is proving more productive and competitive than the USA and its decadent fiat debt leveraged speculative and imperialist militaristic crony capitalism.
Oil and coal would be utterly worthless without capitalism. The steam engine wasn't invented by a government.
Chinas mercantile, autocratic, state capitalism hybrid vigour model
Oh please. Extortion is not new. Taxation is not new. China is rich because it's a large population with a decent IQ. The extortion isn't what made it rich. The extortion made it much poorer than it otherwise would be.
Chinas government has organised the resources and its people better than the decadent west and has won the trade war.
The wealth of nations is determined by the way they organise their collective resources.
The steam engine was invented by a man living in a country where the government organised better than those it was competing with and thus the steam engine delivered superior results for the people of Great Britain.
Today China has organised the production and distribution of electricity- the energy that drives the post industrial era better than any other industrialised nation - Chinese consumers and producers pay HALF or less for electricity compared to what those in crony capitalist western nations pay.
Game over for the petrodollar crony capitalist empire of Uncle Sam.
Who's this "we"? The last serious improvement in living standards was led by the US private sector in the 1800's. Governments seized control of the financial system in the 1900's, and the result was an absolute mess of death and destruction. And here you are, still playing the statism game in the big 26, after all that.