Paper Summary:

This paper explores the effects of globalization which has accelerated industrial and occupational restructuring, resulting in the decline of some industries and jobs and the growth of others. The writer of this paper also discusses the early stages of the new economy which has seen income growth increasingly tied to education and occupation. This paper goes on to explain that by increasing the education and skill levels of American workers it will foster reduced wage inequality and faster economic growth. This paper also delves into the industry of information technology and its enormous potential to increase efficiency and raise productivity which is a critical component of the new economy.

From the Paper:

"Working with information is very different from working with the steel and glass. Information is easier to produce and harder to control than stuff you can drop on your foot. For a start, computers can copy it and ship it anywhere, almost instantly and almost for free. Production and distribution, the basis of industrial power, can increasingly be taken for granted. Innovation and marketing are all. By the New Economy, we mean two broad trends that have been under way for several years. The first is the globalization of business."

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