Exactly. I’ve commented here on similar topics before. Britain’s success was in large part due to being able to combine financial innovation with daring voyages and physical innovation. But beginning from 70s they over indexed financialisation at the cost of building physical things.
In comparison, China has actively suppressed over financialisation and results speak for themselves.
Visiting China earlier this year broke me, left the place dismayed about the situation back home.
I'm no communist, just someone who recognizes the social and economic benefits of abundant housing, cheap energy, and forward thinking transport policy.
I have no idea how we'll get back on the track of improving human development but it's not going to be easy.
In comparison, China has actively suppressed over financialisation and results speak for themselves.