Information and communication technology (ICT) is transforming the global economy and creating new networks that stretch over continents and cultures.
Another example: Almost everyone today is aware of the phrase of another Austrian-born economist, Joseph Schumpeter: "creative destruction, " which describes the process in a capitalist economy whereby new technology and new companies messily supplant the old.
Instead of focusing on jobs lost to the globalisation of information technology, Catherine Mann of the Institute for International Economics in Washington looks at globalisation's power to reduce prices and so help spread new technology, new practices and job-creating investment through the economy.
With marketers and consumers feeling less frightened about the economy, retailers are dabbling with new technology and promotions to lure shoppers to stores and websites.
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The difference this time is that new technology has increased competition and squeezed profit margins across the whole economy.
The Sunshot initiative and other key technology innovation programs like the Advanced Research Projects Agency for Energy (ARPA-E), embody the kind of smart innovation policy that holds the promise of fundamentally transforming the economy and ushering in a new era of U.S. technology leadership.
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And members of China's new middle class are embracing both state-of-the-art technology to transform their economy and 5, 000-year-old superstitions to support their lives.
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The challenge now facing the new ruling coalition is to extend the success of their information technology (IT) and outsourcing industries into the broader economy.
Connecting Afghans to one another and to the world through mobile technology has become the foundation for a new economy.
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There has been endless debate about whether the economy has been changed, through new technology and so forth, so that a much lower jobless rate is now compatible with a stable, low rate of inflation.
And when giving our children the best education possible we know is the ingredient for success in this new information and technology-rich economy, how can we be laying off teachers -- when other countries are hiring teachers in droves?
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Japan, by contrast, needed to scrap its antiquated banking system, migrate half of its industrial work force into new-technology exploits and open up its service economy to the withering discipline of foreign competition.
In the new economy, employees are often perplexed by the disconnect between employee technology and corporate objectives.
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In China, where private tutorial schools were unknown until the economy opened up in the 1990s, New Oriental Education and Technology has grown to become one of the largest tutoring schools in Asia with around 2.4 million students this year.
Besides emerging markets, other hallmarks of the New Asian Economy have become favored themes of investment managers: technology, infrastructure and economic reform.
As analysts survey the inflation "hawks" and "doves" on the Fed board, Greenspan, who embraces theories of a technology-driven New Economy, is seen as having a more lenient interest-rate bent than Clinton appointee Laurence Meyer.
Not only does telecoms traffic grow roughly twice as fast in competitive markets as in monopoly markets, but the benefits flow to all corners of the economy in the form of new technology, innovative services, lower distribution costs and much lower average tariffs.
This new technology will build on that track record and provide even more benefits to the U.S. economy.
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Most mutual funds have stayed alert and shifted their holdings to the areas that reflect the new American economy, dominated by information technology.
There are exciting companies springing up all over the place both in the U.S. and emerging markets that will lead us into a new era of technology, and there are sectors that are positioned to benefit from a rebalancing of the global economy.
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