Texas Is Becoming the Center of Gravity for American Capitalism

For the past 25 years, America has been plagued by a troubling trend. The number of publicly traded companies in the U.S. has fallen by 43 percent, while the number of sponsor-backed private firms has surged fourfold. There are now 2.5x as many private equity-owned companies as public ones. Meanwhile, public markets in countries around the world—including key economic competitors—are booming. The number of publicly traded companies globally has grown by nearly 35 percent.