Source: Paul Krugman
by Paul Krugman
“In 1957 the Soviet Union put the first man-made satellite — Sputnik — into orbit. The U.S. response was close to panic: The Cold War was at its coldest, and there were widespread fears that the Soviets were taking the lead in science and technology. In retrospect those fears were overblown. When Communism fell, we learned that the Soviet economy was far less advanced than many had believed. Still, the effects of the “Sputnik moment” were salutary: America poured resources into science and higher education, helping to lay the foundations for enduring leadership. Today American leadership is once again being challenged by an authoritarian regime. And in terms of economic might, China is a much more serious rival than the Soviet Union ever was.” (10/15/25)
https://paulkrugman.substack.com/p/china-has-overtaken-america