CounterPunch has the Richard D. Wolff essay What China Learned From U.S. Capitalism’s Development.

U.S. capitalism was, in certain ways, the world’s most successful capitalism until recently. Better than the capitalist systems of Britain, Germany, and Japan, U.S. capitalism avoided two key traps. First, it found a remarkable way to manage the capitalist-worker class struggle for a long time before it lost that capacity. The United States also found a way to organize its imperial rule without the overt colonialism that provoked rising resistance that eventually became too costly and unmanageable for Britain, Germany, Japan, and other colonial powers. But in recent decades, U.S. capitalism failed to manage its class struggles or to reverse the decline in its informal imperialism.

Chinese leaders have learned, implicitly or explicitly, from how U.S. capitalism lost those capacities.

Wow, this explains how I have viewed recent economic history. Richard D. Wolff saves his speculative view on what the future holds until the very last sentence or two. I think holding that back is what makes this article so much more impressive than some of Wolff’s other essays.