A century ago, the United Kingdom was the greatest military power in the world. The country was also the greatest investing nation, accounting for almost 50 percent of all international investment on the eve of World War I in 1914.
Yet by 1916, halfway through the "war to end all wars," the United Kingdom was borrowing heavily from the United States. The country still remained a global superpower right through World War II. Even in 1953, at the time of Queen Elizabeth's coronation, it was a major military and political power.
But by the 1950s it was in rapid economic decline. Contributory factors were a lack of competitiveness and government control of much of the nation's production. Added to these were rising welfare and health costs, a consequence of the postwar welfare state introduced by the government elected after the war ended in 1945.
For more than six decades Britain has been gradually reducing its military spending, effectively to finance its ever-increasing welfare and health costs.
Is The United States of America going to be just like what happened to the United Kingdom?