NewCentury - I. Economic Revolutions I. o o o As heavy...

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 I. Economic Revolutions I. As heavy industry waned, the information age kicked into high gear. o Microsoft Corp. and the internet brought about the communications revolution. o Entrepreneurs led the way to making the Internet a 21st century mall, library, and shopping center. o Speed and efficiency of new communications tools threatened to wipe out other jobs. II. White-collar jobs in financial services and high tech engineering were being outsourced to other countries like Ireland and India. o Employees could thus help keep the company’s global circuits working 24 hrs. a day. III. Many discovered that the new high tech economy was also prone to boom or bust, just like the old economy. o In the Spring of 2000, the stock market began its biggest slide since WWII. o By 2003, the market had lost $6 trillion in value. American’s pension plans shrank to 1/3 or more. Recent retirees scrambled to get jobs and offset their pension losses which were tied to the stock market. This showed that Americans were still scarcely immune to risk, error, scandal, and the ups-and-downs of the business cycle. IV. Scientific research propelled the economy. o Researchers unlocked the secrets of molecular genetics (1950s). They developed new strains of high yielding, pest/weather resistant crops.
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NewCentury - I. Economic Revolutions I. o o o As heavy...

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