The following chart illustrates a point which is all too well known: the west and Japan are in decline.
Showing the economies of the US, Europe, Japan, and China as a percentage of the word total:
The US has declined from 40% in the early 1960s to less than 25% today and Europe has declined from a peak of 35% in 1980 to 22% today. Worst of all, Japan (as we discussed in detail here) has declined from its peak of 18% in 1995 to 6% today.
All of this has been to the benefit of China, which has surged passed Japan and is poised to take on Europe and the US for the top spot.