I just started reading your book, so this comment is based only on this post. When the world goes through significant technological transitions, might capital get "stuck" in the last generation's industries / companies for too long -- only after persistent economic under-performance finally getting freed up to pursue better uses? Is it reasonable to expect some extended period of inefficient allocation and the pain associated with these inefficiencies before we have the will to get rid of the old and bring in the new? Do you know if the same ROA compression has existed in previous transitions in the US? Internationally? I love the idea of pushing (or pulling) decision making down to where knowledge exists rather than destroying knowledge by pushing it up a hierarchy. But perhaps this is as much about capital inertia as anything else?