As well known, the so-called "Golden Age" period was between 1945 and 1970, in which the greatest expansion but also the resulting decline in the global economy took place. Here we are talking about a structural crisis in the world system. At that time the United States had hegemonic power, due to its super-efficient production but also because the dollar was the reserve currency of the world system, this was the only way to earn serious money in a capitalist system. The US succeeded in building cultural and political dominance and thereby gaining hegemonic power. So that the world acted according to the rules of the US. In the 1960 & 70s there was an increase in Western Europe and Japan due to the cheap production in the auto industry. As a result, the finances of the US state suffered. The Soviet Union also had similar problems: in capitalism, competition is good for prices, not for profit. The financialization, development of certain areas and the decline in US hegemonic power are considered 3 phenomena between 1970-90s. These enable earnings to be earned through the indebtedness of others or that non-profitable areas are passed on to secondary powers (e.g. to China, Mexico, Taiwan, etc.). The US won the Cold War but it was actually a loss because the goal was to keep it going. The collapse of the Soviet Union made the Gulf War possible. Saddam's defeat was intended to intimidate potential nuclear powers, but exactly the opposite happened. It was a total fiasco for the US, it is considered as the slow decline of the US.
1970-95s was the time for the rise of China. Due to the deindustrialization of the US and the need for cheap imports, production was shifted to developing countries, weaker countries had the chance to expand their industrial base. At the same time, the Chinese population was starving due to its unsuccessful agricultural economy. But China had cheap labour, both sides needed intimacy at that time and in 1972, Nixon, the US president goes to China to get a mutual deal. As a result, the Chinese growth has become significantly stronger and its increasing influence in Africa is becoming more obvious. Under Mao's regime during the 1970s, China had a centrally planned, communist and closed economy, so the "state" was in the foreground. However, the US recognized China in 1979, because the US capitalist order could threaten by the non-capitalist Mao regime, but still liberalization started in the early 1970s. After the new Deng Xiaoping regime in 1979, the economy was gradually reformed according to the principles of the free market. Trade and investment with the West and US was opened. There was again an incentive for private companies through the existing market mechanisms, trade liberalization also reduced trade barriers and attracted FDIs. The Pekin Consensus economic development model has positive effects for the Chinese and China's membership of the World Trade Organization in 2001 had positive effects for both sides, China was focused on high and fast economic growth and imports from China as more efficient producer would mean low price inflation for the US.
--- Sinan Bulut