Not sure if it was a naive new world order belief, blinding greed, racism, plain stupidity or a mixture of all of that. But the end result was selling the American people down the river..
I think this has left its mark. A lot of people do not seem to be able understand that this is not true. Even if they accept it intellectually its such a fundamental assumption that its still influential.
I think there was, and is, an element of racism. It still persists in that a lot of westerners cannot comprehend that they can be overtaken technologically or threatened by non-western societies. This includes people who think they are not racist, or are anti-racist.
Totally agree on the racism. I do hope the West doesn’t learn that lesson the hard way.
China was only shooting itself in the foot, it was argued, by not opening its markets fully and following export oriented industrialization.
profit margins dictated economist opinions though. This is why EOI was treated as quaint while TOCA was treated as gospel truth even though one was nonsense.