Investors, especially those in America, tend to think of “the economy” or “the market” as if the U.S. economy and the U.S. stock market were all that mattered. At the time that most of us were at university and learning the basics of investing, the U.S. situation was representative of the world situation. It made sense at that time to think of “the economy”, because the world pretty much responded according to the health of the American economy.