[safety1st]

It's wild but true. History provides a partial explanation. In 1960 the US was 40% of the world economy while only being 5% of the world population. It's still about 25% of the world economy today.

The thing is that WW2 decimated most of the advanced economies outside of the US, and for decades afterwards many of them simply weren't managed for growth (i.e. the Soviet bloc). So the US had a huge head start and never stopped running. To this day you still don't really see many other countries being as fixated on juicing consumer spending as the US is. The big play of the last few decades has been all these emerging economies getting good at exports and making a lot of money that way, which has cut into the US' lead, but once they have the money they tend to be less aggressive about getting it circulating internally - it accrues to a fairly small number of people and/or they just sit on a lot of it.

[bobthepanda]

part of the problem is that to get yourself to export competitiveness, you have to essentially underpay workers through restrictions on capital and credit; and once you have done so, these export businesses become so central to the economy and to economic identity that it is politically tricky to reorient the economy.

Add on moralizing about how people should be making and not spending and you've got yourself a recipe for an export-oriented slowdown, since at some point the world won't be wealthy enough to keep raising your economy through only exports. We saw this in Japan, South Korea, and more recently Germany and China.