To add more nuance, there is an essay [1] telling the history of early maximum flow algorithms and includes this small anecdote:
[An] American asked: ".. how were you able to perform such an enormous amount of computing with your weak computers" to which the Russian responded: "we used better algorithms".
There is some truth to that, besides maximum flow, similar stories can be told about linear programming, data structures (e.g. AVL-trees), numerical computing, etc. The hardware may have been sloppy, but the algorithms-research was top notch.