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I think 1974 prime cause was a) competition growing from Germany and Japan b) previous 10 years of industrial automation/minicomputers. Tech impact time constants have been shortening though.
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US = world economically/technologically during that period, so not a bad approximation. That’s what tech leadership means. It’s been unbroken since 1854 or so module brief challenges by Germany and USSR. Even post 70s, Japan etc we’re fast followers not leaders.
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Nope, robber barons! Clear in the statistics as well as qualitative milestones that America had already pulled ahead by 1854 world fair. By 1893 Chicago world fair there was no doubt in anyone’s minds.