Blitzkrieg lives today as modern combined arms operations as practiced by the most advanced and well equipped armies. It's why all major armies in the world are as mechanized or motorized as possible. Even Airmobile is an extension of the blitzkrieg doctrine in that it emphasizes mobility, penetration and envelopment. That said, in a conflict between two equally modern armies, it's still leadership, training, and generalship that determines the final outcome.
The main problem with Blitzkrieg - it cannot be executed without a lot of expensive equipment and personnel. The Germans invented the Blitzkrieg as the ultimate demonstration of how to coordinate and maximize the advantages of the latest in military equipment for offensive operations. Once other armies understood its principles and had the equipment and technology to implement, it became the standard offensive doctrine of all modern armies - that can afford it.
Blitzkrieg lives today as a buzzword people who don't actually understand WW2 era doctrines throw around thinking they are talking about something, when, in fact they are not.
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