what did happen to capitalism around 1995?

The SP500 dividend yield is arguably the most fundamental metric of return-on-capital.

It averaged about 3.5% until about 1995. That’s not a bad return.

Since then it has averaged about 1.5%. That’s a paltry return.

I have yet to see treatises analyzing some kind of transformation of the capitalist financial environment.

But surely something dramatic has happened.