What's Wrong With American Fashion

There is little doubt that America remains the single most dominant force in the world today. In addition to being the largest and most dynamic developed economy in the world, America enjoys a political and cultural hegemony that spans politics, the sciences and popular culture. So why do I find myself so underwhelmed by American fashion despite having lived in New York for two years? Why is it that this nation, so rich and deeply committed to supporting the arts - like its universities the major museums and galleries in America are by and large privately funded and operated - has yet to produce spectacular and profound fashion design in the same way that it dominates business or academic research?