Think of it: It's not so much the lack of capitalist ethos that impoverishes the people of Peru or Madagascar, but the lack of durable capital that can be traded back and forth.

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So the cost of trade continues to fall, and that lowers the effective cost of everything that's traded: raw materials, labor, durable assets, consumer goods, capital, commodities and money itself.

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Durable income is one thing, misdirected capital another.

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Japan's exports also moved swiftly up the value chain, but whereas this was not enough to support durable gains in its market share, China has the advantage of capital controls that will prevent its exchange rate rising as abruptly as Japan's did in the 1980s.

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Nabi says producer durable goods, in particular, will continue to benefit from a robust capital spending cycle, which Nabi expects will be more extended as it catches up with the spending lag in the past several years.

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Clearly the capital stock we had in 2009 was not as long-lived and durable as what we had in 1966.

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