China, a legitimate contender to the U.S.-led world order, fundamentally challenges the doctrine of American exceptionalism – the basic tenet of U.S. national identity.
I think that's the case in practical terms, but there's still lagging perception around the world that US is the bigger power. However, if US has another big crash in the near future then this perception could shift rapidly. A bit of fun history is that USSR gained a lot of legitimacy globally due to Great Depression. The west was blockading USSR economically, and it was largely independent of the western system because of that. So, when the crash happened in the west, USSR kept going strong. Something similar could happen in the coming years.
Didn't the Great Depression coincide with the greatest boom in production in the USSR? Like the 17% annual growth years when the 5-year plans were really underway.
Yup, that's roughly when the 5 year plans started bearing fruits. USSR started seeing mass industrialization and collectivization of farming which allowed leveraging economies of scale in production.
I think that's the case in practical terms, but there's still lagging perception around the world that US is the bigger power. However, if US has another big crash in the near future then this perception could shift rapidly. A bit of fun history is that USSR gained a lot of legitimacy globally due to Great Depression. The west was blockading USSR economically, and it was largely independent of the western system because of that. So, when the crash happened in the west, USSR kept going strong. Something similar could happen in the coming years.
Didn't the Great Depression coincide with the greatest boom in production in the USSR? Like the 17% annual growth years when the 5-year plans were really underway.
Yup, that's roughly when the 5 year plans started bearing fruits. USSR started seeing mass industrialization and collectivization of farming which allowed leveraging economies of scale in production.