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Why does it feel as though only the US and China (and maybe some other Asian countries) have an economic future? (sh.itjust.works)

submitted 1 month ago by RebiJes@sh.itjust.works to c/asklemmy@lemmy.ml

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I live in Germany, which by some accounts, is the third largest economy, and we have literally no answer for what is next, economically. Neither in the public nor private sectors. Nobody is investing, nobody is building new things, nobody even knows what to do next. But the story is the same throughout Europe as far as I can see. All industries hope to keep selling the same old shit. But the 3rd world is catching up. They can manufacture goods that are just as good, and for much cheaper. Heck, some can even do it cleaner too, since they have access to cleaner energy sources. But we also have no real 21st century income streams.

It looks to me as though, only the US and China are undertaking really innovative projects.

Is my reading of the situation flawed? I would love to have your input.

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[–] Churbleyimyam@lemm.ee 2 points 1 month ago

I think it's because growing inequality leads to a sense of disempowerment. The US and China have a few high-profile success stories on a national level, while other countries have higher economic success indicators like growth and median wealth per capita that aren't reported on as much. Europe does seem stagnant at the moment but I see it as a possible opportunity to innovate something new.