> appear to be losing the economic race of the 21st century to a literal communist party.

Not surprising at all considering that socialism and centrally planned economies are inherently more efficient than liberal free markets - by removing the constant pressure for quarterly profit and removing or severely limiting the bourgeoise who only exist to take the value generated by companies for themselves, you have a system that does a much better job of allocating labour and resources. For example, imagine how much better Windows 11 would be if Satya Nadella wasn't taking home a $100m salary and that money was spent hiring or paying developers.

Frankly, American capitalists got so high on their own supply after the dissolution of the Soviet Union that they thought they didn't need to keep the boot on the necks of the communists any longer. As soon as the pressure came off the superiority of the Chinese communist system became evident and is virtually impossible to stop now.