conclude that deteriorating product market competition is likely to be a major factor in explaining the aggregate US investment gap. But structural features, probably other than corporate concentration, also seem to be of relevance in explaining the investment gaps in Italy and Spain.
The following decades have witnessed great changes in global political and economic environment, including emergence of many newly independent sovereign countries, collapse of the Bretton Woods system, the oil crises in the 1970s, the international debt crises in the 1980s, booming international private capital flows throughout most 1990s and subsequent capital account crises in several emerging markets in the late 1990s.