Generally, I agree with your thoughts
However Europe may not have really caught up. Europe including Russia was traumatized so badly that it might take centuries to recover. During that long long recovery process events from outside might intervene to prevent real recovery. The deterioration of Europe’s place in the world economy is shifting. what were their markets are now their competitors. Europe has recovered only to become very very sick.
The concept of no war ever is detrimental to existence. Russia is a basket case that is beyond recovery. There must be revolution to start all over. Alas, the Russian people lack the starch .
It was once frowned upon to trade with commies.
1980's USSR evil empire.
2000's China good for business.
Europe, as a whole makes our problems something to look forward to.