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Here is the case for looking at Market Cap / GDP: Warren Buffet looks at the total market cap vs GDP because it is free from the influence of corporate accounting, unlike the more traditional P/E ratio.

The case against: economic activity in the US has been concentrating in larger companies (less small companies being started for example) and there is more "financialization" in general. So you would expect the ratio of market cap / GDP to go up for those reasons as well.

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