Fareed Zakaria wrote an excellent book, The Post American World: The Rise of the Rest, in which he said the relative decline of the US was due to political, not economic problems. As someone who’s covered the global economy for decades, and as an old Political Science major, the argument never satisfied. Fareed was right about the delta—the direction of decline, but wrong about the cause. It was economic, as well as political.
Now Fareed is saying what we conceed to be increasingly true—the US is losing its edge in innovation. And with that loss, comes the loss of geopolitical clout. President Obama’s trip to China is about soothing our banker, not pressuring for civil rights.
American is Losing Its Innovation Edge