Most of those nations didn’t really have viable / accessible public markets until the 90s. So there’s not a lot of reliable data from the first half of the cent

Most of those nations didn’t really have viable / accessible public markets until the 90s. So there’s not a lot of reliable data from the first half of the century to go on. And I’m not saying the US / Europe robbed any of those countries — just that there was a lot of easy growth in those countries in the 20th century, and western companies stepped in to facilitate and got paid a lot of money in the process. That growth is reflected in the stock prices of American and European companies. My point is that those big, easy growth opportunities aren’t there anymore anywhere; and the growth opportunities in the future will be diminishingly small. We’re no longer bringing a country from the Iron Age mining with hand tools to the industrial era with mechanized mining and smelting; we’re largely just replacing one form of economic activity with another, slightly more efficient version.