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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.
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.
You're a cargo cult. You see the final product only after the government capitulates to legalizing it. You're ignoring all the decades of struggle where the government was actively obstructing the thing from being built and arresting anyone that dared to work on it.
Look at the history of railroads in the US and you'll see that the government is in attack mode all the time trying to thwart private business from conducting voluntary, productive trade. The government doesn't represent the people of a country. It's a country's absolute worst people gathered in one place, trying to make everyone else as miserable as they are.
Individuals are weak and vulnerable.
It was only possible to build and exploit the steam engine where you had the legal structures, infrastructure and trading potential that the Great British government put in place.
They didn't invent and build the steam engine and industrial revolution in some backward Congo jungle with no government and the complex structures of civilisation that good government enables and that's why Libertarians are deluded dreamers.
The wealth of nations is derivative of the quality of their governments.
China won the trade war.
USA military industrial complex is a corrupt, broken flailing and failing empire.
Libertarian dreamers should go live somewhere there is no government and see how long they last.
Individuals are weak and vulnerable.
You mean that 10 weak people can overpower 1 strong person. I get that.
It was only possible to build and exploit the steam engine where you had the legal structures, infrastructure and trading potential that the Great British government put in place.
You're not listening. Whenever someone invents something, the government bans it. If they can't ban it, they tax it. They're not helping.
They didn't invent and build the steam engine and industrial revolution in some backward Congo jungle with no government and the complex structures of civilisation that good government enables and that's why Libertarians are deluded dreamers.
You are the jungle. When one monkey discovers fire, a dozen other monkeys form a government and beat the smart monkey to death. That's how the jungle stays a jungle, and that's you.
The British government did not ban the steam engine.
Nor the telegraph.
Nor the cannon.
They did attack the Chinese and enslave millions of Chinese to Opium addiction.
Such is the factor of human organised trade and power projection.
Organised and enabled by the governments.
The basis of wealth and security for all human groups.
The Chinese government today build nuclear power more efficiently than any other organised group of humans in the world and that is why the Chinese people have a significant advantage in wealth creation and future prosperity.
Chiese engineers are building the first new nuclear power generator for Britain, because Britan got lazy and fat and decadent and forgot how to build things of value.
The US imperialists may want to bomb China and preserve their petrodollar hegemony but the US imperialist militarists have no rare earths and so the US military industrial combine that is the real basis of US wealth is crippled.
How sad.
The British government did not ban the steam engine.
The government lost the fight that time. Marxists lost and capitalists won. The fight is still going with socialists trying to ban nuclear power plants.
Chiese engineers are building the first new nuclear power generator for Britain, because Britan got lazy and fat and decadent and forgot how to build things of value.
Because Britain became socialist. Statism is what drove them to become suicidal.
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.