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1/5
Yes, you are right, Matt. In hindsight we forget how terrified the US and Europe were in the late 1950s and 1960s about what seemed like a formidable Soviet technological threat, along with a relative growth rate so high that in the early 1960s most economists expected https://twitter.com/M_C_Klein/status/1357024940067758081
Yes, you are right, Matt. In hindsight we forget how terrified the US and Europe were in the late 1950s and 1960s about what seemed like a formidable Soviet technological threat, along with a relative growth rate so high that in the early 1960s most economists expected https://twitter.com/M_C_Klein/status/1357024940067758081
2/5
that the USSR would overtake the US economically and technologically during the 1980s. You have only to watch the Nixon-Khrushchev kitchen debate in 1959 to see how Soviet confidence in their technological path so exceeded US confidence.
that the USSR would overtake the US economically and technologically during the 1980s. You have only to watch the Nixon-Khrushchev kitchen debate in 1959 to see how Soviet confidence in their technological path so exceeded US confidence.
3/5
In retrospect both sides got it so wrong that today it seems almost comical, and it is impossible to believe that the US or anyone else once took the threat seriously, but in fact an awful lot of very smart and knowledgeable people did, and a lot of long-term planning...
In retrospect both sides got it so wrong that today it seems almost comical, and it is impossible to believe that the US or anyone else once took the threat seriously, but in fact an awful lot of very smart and knowledgeable people did, and a lot of long-term planning...
4/5
was based on what turned about to be highly mistaken assumptions.
We made the same mistake about Japan in the 1980s and, to a lesser extent, Germany in the 1930s. The fact that we got it so thoroughly wrong the first three times doesn't mean that we must necessarily get...
was based on what turned about to be highly mistaken assumptions.
We made the same mistake about Japan in the 1980s and, to a lesser extent, Germany in the 1930s. The fact that we got it so thoroughly wrong the first three times doesn't mean that we must necessarily get...
5/5
it wrong the fourth time, but it does suggest a pretty bad track record of understanding the growth model these countries followed and how in every case they were forced by rising debt and non-productive capitalization into unexpectedly difficult adjustments.
it wrong the fourth time, but it does suggest a pretty bad track record of understanding the growth model these countries followed and how in every case they were forced by rising debt and non-productive capitalization into unexpectedly difficult adjustments.
