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Scot Griffin
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Thanks, Jonathan. That was very helpful.

One question that I have, and I don’t think there is a readily available answer, is the extent to which US dominant capital made a strategic decision to rebalance the global allocation of capital?  For example, one consequence of outsourcing manufacturing to other countries is to deploy capital in those countries that must, according to the logic of capitalism, make a profit. Capital-intensive industries (e.g., manufacturing, mining, oil) usually don’t get as large a multiple as industries that don’t (e.g., software and internet companies).

Finance knows that competition is bad for capitalism, so it is not clear to me that the dominant capital of each nation (other than China and maybe Japan) believes it is competing with the dominant capital of other nations.