Capital Spending: The Best Is Yet To Come

It's hardly news that Corporate America has been shelling out big bucks for equipment in recent years--particularly for computers and other information technology that enable companies to raise productivity and output while restructuring their workforces. Now, however, there are signs that capital spending is gaining momentum and broadening its scope. The result, says economist Stephen S. Roach of Morgan Stanley & Co., could be "a major capital spending boom that rivals the spending spree of the late 1960s and early '70s."

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