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| Contributor | Susanne Schnorr-Bäcker, Federal Statistical Office, Germany |
| Title of paper | The New Economy and Globalisation |
| Abstract | At first, New Economy was a catchword for the prosperity in the USA that started in 1990, lasted for about ten years and was characterised by high economic growth, full employment and stable prices. In Germany, that trend started 5 years later; the macroeconomic effects were not comparable to those observed in the USA. Only the developments on the capital and financial markets were similar in the two countries. The economic downturn both in the USA and in Europe over the last two years has made it easy for critics of the New Economy to cast doubt on whether that phenomenon would be sustainable. The meaning of the term has changed. Today, examining the New Economy must first of all be separated from the trends on the capital and financial markets. Basically, the New Economy is characterised by technological implications: modern information and communication technologies, in particular the Internet, the rapid developments in research and development (especially regarding hardware components and software becoming ever more user-friendly), and framework conditions encouraging such trends (e.g. deregulation in the areas of telecommunication, electricity supply, etc.). Consequently, information of any type (text, sound or picture) is ranking higher than before. As it can now be digitised – provided that relevant technology is applied – they can quickly be accessed from anywhere, and almost free of charge. Applying and using digitised information, and interaction through communication are changing our world. As was shown by various technological revolutions in the past, this does not happen immediately and thoroughly. Over the long term, however, such information will penetrate all economic, social and political areas. And anyone will use them for their purposes. There is certainly no doubt that globalisation, with all its positive – and negative – manifestations, will more than in the past be enhanced by that development. Time will tell whether relevant framework conditions will be created that support such trends or whether those trends will set their own framework conditions. One thing is certain, however: The whole world is becoming much more complex, borders are getting fluid, and the general networking of various spheres is increasing. So far, official statistics has been the institution presenting a microeconomic and macroeconomic picture of societal, economic and political trends that is as close to reality as possible. It has been the generally recognised data provider for planning and preparing decisions, especially at the political level. If it wishes to maintain, or even increase its predominance here, it will have to accept quickly and actively the new challenges. In particular, it will have to adjust its programme to the general development, that is not only at the national but also at the international level, find answers to new fundamental questions (e.g.: What is the definition of globalise businesses? Which of their activities are important for macroeconomic trends and have to be covered by statistics? etc.), use the technologies available in order to act in a rapid and demand-oriented manner, have modern framework conditions both for shaping the content of its programme and for providing its data in a networked world. |
| Full document | The New Economy and Globalisation |
This page last revised: Friday, 7 June 2002
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