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The ‘external breadth’ of accumulation can be measured in different ways. Here are two simple figures to put the prospects of a new U.S. external breadth regime in historical context.

Figure 1 shows U.S. net private domestic investment as a share of GDP (gross investment less depreciation). Figure 2 contrasts this share with U.S. GDP growth.

Both series show long-term deceleration. They also don’t indicate recent upticks.