This phase is characterized by a major acceleration in U.S. productivity growth and the decline in what economists call home bias, the parochial tendency to invest domestic savings in one's home country.
1/5  Output per hour of nonfarm business in the United States has risen at an annual rate of 3 percent over the past ten years, compared with only 1.6 percent during the previous quarter century. The acceleration reflects the synergies of computer, telecommunications and networking technologies, which although applied worldwide, have had a particularly pronounced impact on the U.S. economy.