Looking at the growth rates of individual countries, the developed economies have not necessarily been growing faster than in the past; rather, the countries contributing to the current high growth are the emerging economies that have taken off, one after another, as economic globalization progressed.
In short: Output and productivity growth has been very buoyant especially since the mid-1990s - that is in an advanced phase of the upturn. The scale and the timing of these productivity increases can scarcely be explained in terms of the normal cyclical pattern. I wonder whether Schumpeter would have already interpreted the available evidence as a long wave.