New Economy and its Consequences
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During the late 1990s, the term, "New Economy," began appearing in articles and news reports as analysts sought to describe transactions that were largely Internet-based, or at least transactions which did not require consumers entering a brick and mortar store. Articles were written about the young entrepreneurs who were rewriting business rules, about companies where Casual Friday evolved into Casual Everyday, and how the New Economy would radically change the entire business landscape. As 2000 draws to a close, however, it is becoming obvious that the Old Economy is not going to go away entirely. Many of the touted "dot com" companies have gone bankrupt as they were unable to produce that most traditional product of the Old Economy: profit. New Economy companies are finding that they must integrate Old Economy factors into their organizations, but Old Economy companies are also recognizing that the New Economy offers strong potential for their businesses, as well. This research considers the New Economy and its economic implications on both global and domestic levels.For some analysts, the term, "New Economy," refers to the plethora of "dot com" companies which have come into existence in just the past few years, created new millionaires from young entrepreneurs, and changed retailing as consumers comparison shop and browse from their homes and offices 24 hours a day, seven days a week. However, the ramifications of the
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the Internet as acceptable as American residents do. In fact, the combination of the euro and the Internet could release pent-up demand by consumers for goods from other nations. Western Europeans are already adept at using the Web and buying over the Web. With a base of more than 22 million World Wide Web users at the end of 1998, e-commerce revenues were nearly US$3 billion, which is more than triple the amount in 1997. The significance of 11 nations adopting a single currency cannot be overemphasized. Combined, the Economic and Monetary Union (EMU) resembles the United States in population and size of GDP. According to some analysts, the populations of the United States and the 11 nations adopting the euro are 286 million and 292 million, respectively, while the GDPs in 1997 were US$8.11 trillion and US$6.26 trillion, respectively (Rupley, 1999, p. 30).
Already the New Economy has become an economic factor in Europe. In addition to driving investments relating to Internet access, the New Economy will also drive traditional information technology investments such as hardware, software and services. Internet-driven spending in Western Europe in 1998 was nearly US$19 billion, and is expected to exceed US$51 billion in 20
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Some common words found in the essay are:
Economy Economy, Corrigan Economy, Sales Internet, Skillful Internet, Wide Web, AlliedSignal Electric, America Africa, Everyday Economy, Outlook Internet, GDP According, economy economy, 2000 november, kehoe 2000, rupley 1999, kehoe 2000 20, 1999 30, 2000 20, sales internet, harbert 2000, internet access, economy companies, rupley 1999 30, et al 1999, gonsalves kerstetter 1999, bridges et al,
Approximate Word count = 2668
Approximate Pages = 11 (250 words per page)
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