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Such a good comment, I would also add how much our perception of technology lifting conditions is conflated with the increased ability of governments to steer the economy to smooth things over.

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All of those problems had nothing to do with technology and everything to do with economic mismanagement. And the commies were the worst at it. The US never had famines even at the worst of the great depression.

How much of the last ~25 years of outsized capital returns in the US came from selling our industrial base to the Communist Party of China?

You mean exploiting labor of Chinese poor for the benefit of American customers and investors?

American Labor: + cheap iPhones, - jobs

American Capital: +++++++++ money

America: ------- industry

Behold the responsible economic management.

Economic mismanagement assumes there is economic management, and this is a very recent development. I would wager that we still do not know how to manage economies well in the long run - case in point US deficit and wealth inequality.

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