The economy is being swept along by the trends they create. America became rich because big business capitalism replaced small business capitalism in the late 19th and early 20th century and then was inaugurated the technocrats' dream world of big business & big government capitalism after World War II. Europe and Japan were already governed by technocrats when World War II ended. Things went well until the systems was hijacked by the laissez faire free marketers in the 1980s-2000s. They knew how to rig the system to make themselves rich, which is what they did, ignoring the cost for society. They did some damage in Europe but by far the larger amount of their influence, and the economic failure it wrought, was visited on the United States. They are still mostly in charge, although they did suffer a defeat this past November.
A society dominated by technocrats is much more suited to dealing with high energy prices than one that is not. Indeed, such a society can actively profit from the inefficiency of other societies if they are not engineered to be efficient. Engineering a society to be efficient is really very straightforward. For the small businessmen and the speculator, or the banker, thinking in terms of systems and efficiency is effectively impossible. They lack the perspective or education for such thought. Designing cities, transportation systems, power grids, and education systems to achieve societal level efficiency takes quite some time, and it cannot be done unless the political systems is suited to.
All the same, the world is being dominated by technocrats now. They are responsible for the much greater rate of natural resource extraction, industrial production, falling labor costs, and leaps in communications technology that are sweeping the globe... Those forces are deflationary, especially so in a place like the United States where most of the high costs that remain are an artifacts of a wasteful world of laissez faire fools, on their way out of power.