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Potentially more competition now too. After WW2 much of the world infrastructure was destroyed, except in the US. Communism also slowed large economies becoming competitive. Easy to be great then.
I think that competition encourages innovation. Without it, where's the incentive? I like your argument about the increased costs of raising a family, living life. Business formation is way down. I think a lot of that is structural, but some is not. People are less ambitious.
Another person with the same thought @gsvigruha
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