Source Link
Excerpt:
In the 1950s and 1960s, professor Paul Samuelson was arguably America’s preeminent economist. His textbook for introductory economics was used at colleges and universities across the United States. He was a close adviser to President John F. Kennedy.
In 1961, Samuelson predicted that the then Soviet Union would overtake the United States in economic size somewhere between 1984 and 1997. By 1980, he continued to suggest that the Soviet Union would become the world’s largest economy within a few decades.
Obviously, Samuelson was wrong. He did not understand that extreme authoritarianism and the rejection of free market capitalism would consign the Soviet Union to the dustbin of history.
Today, however, other respected academics are making Samuelson’s mistake in their assessments of Communist China. They opine that in the current century, China will become the dominant global economic power. One researcher from Princeton University wrote recently in the New York Times that the battle for global economic superiority is being “decisively” won by China and that the U.S. is becoming economically irrelevant.
