As New Becomes Old
Chapter 6: 2000–2002: Reassessing the Potential of ICT-driven Growth
INTRODUCTION At times it has seemed as if economists were seeking to align their thinking with the optimistic reaction of financial markets to the duration of the US growth phase. They urged that European countries and Japan import as quickly as possible the institutions and forms of organization that had led to the success of Silicon Valley. Of course, two major events then took place: the NASDAQ’s March 2000 plunge; and the rapid slowdown in the US economy during the third quarter of 2000, something that by the latter half of the following year raised the spectre of recession. This reversal in fortunes surprised many observers, even though a structural, historical and comparative analysis such as the one undertaken in this book would have provided a key to understanding the expansion phase, as well as the sharp readjustments that followed. There is no doubt that the productive, social and financial structures of most OECD economies no longer resemble the ones inherited from the Fordist era. It also remains the case that the ‘new economy’ concept turned out to be wholly inadequate, to such an extent that in 2001 it was doomed to disappear rapidly. Is this not the fate awaiting all representations or theories which define themselves solely in terms of being radically different from past events, or chapters in a story now deemed to be closed? THE INTERNET BUBBLE: FROM BOOM TO BURST The NASDAQ’s collapse in March 2000 marked the end of the seamless creation of Internet companies...
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.