My perception was that the Cold War was partly about exploiting this trait, forcing them into financial ruin by running races they couldn’t help but compete in.
A short and fun to read corrective is Kotkin's Armageddon Averted. The competition, inefficiency and the demands of its own power projections were a costly strain but nowhere close to leading to ruin or an irrecoverable state.
First woman in space too, and a very long list of other firsts some of which remain untouched by anyone else (eg landing in the surface of Venus and sending digital pictures back). Valentina Tereshkova went to space in 1963, at a time when women in the US had to ask their husband’s permission to open a bank account.