Of course we're currently cushioned a bit by Keynesianism for the wealthy and MIC.
But it does highlight the possible conundrum whereby post-communist semi dictatorships are more agile in managing "capitalism" than we Adam Smith folks are.
The last bit was a joke but makes an additional point- of course we're entirely corrupt and are cannibalizing our economy to enrich the wealthy at an accelerating pace and far removed from anything Adam Smith observed..
BTW, that switch that went off in the late 70's-early 80's (the end of the Good Old Days) was actually, more than anything else, the rise of Japanese nationalist Buddhist business culture that beat us in a lot of ways.
The notion that the trajectory of Japan would run forever proved false but the changes in our economy are permanent.
