Worswick,
Speaking of re-inventing, does anyone know where one might find comparative data on the percent of development stage business out of the whole today versus some times in the past. Or employment in, or what have you?
The reason I ask is, say the Fed does tighten, what effect does that have on the current boom. Housing, auto, consumer electronics, textiles get hurt. Venture capital firms that have not committed to make profits until year 2000 move along on their stored cash.
Result, we buy less of the products produced in the Pacific Rim (perhaps more from that region depending on currency effects). Also, employment moves more quickly into the "new" businesses, we accelerate our transition.
Does this support the classic free trade case, each builds that at which one is best, (Developed economies new industries, developing economies developed industries). Or does this support continued growth of US cultural imperialism as much of what is new is Internet / Biotech based which has a decidedly US flavour to it. Perhaps it supports both.
Simple speculation through my US based glasses.
Best,
Lee |
