American management was stupid and didn't plan ahead or worry about competition LOL. Also unlike European countries who went socialist With cheap or free college and training, we just got the GI Bill and Afterwards intelligent people became rare and rarer.... European countries would do even better without the GOP starting a corrupt deregulation bubble and bust recession or depression every time they get the chance... they don't have our natural resources so they have to resort to brain power across the economy.The post WW 2 companies could not compete anymore and y the beginning of the 1970's it was evident. The steel industry actually saw cracks y the late 1950's. The people working for those companies, most of them got good buyouts and massive checks also as the companies sold to foreign corporate interests at the time. A lot of it Japan. A good percentage of the middle class from that generation and the baby boomers are living well compared to the next generations. The taxation is high to pay off those privileged within them.