History would suggest, therefore, that there should now be massive overcapacity in the global economy. That is indeed the case. Global capacity utilization was recently at generational lows.

• 因此，历史会向我们提示当前全球经济中应该存在大量的生产力过剩。事实正是如此。最近全球的生产能力使用率处于近30年最低水平。