Mark Perry has a graph on Carpe Diem that shows that the US has produced about 25% of the world GDP from 1969 until the present. Europe's share has fallen, while the share due to Asia has rise, and both are also closing in to 25%.
Europe will become increasingly less important in the world, while Asia will grow in importance, at least for much of the next century. Why? Demography.
Black Liberty Matters
43 minutes ago