The New Economy

Recently, many conversations regarding the current state of our
economy have included the term “New Economy”. Unfortunately, trying
to pin down the definition of this new term is a bit frustration since
depending on whom you talk, the definition changes. Bankers,
retailers, manufacturers and consumers all have their own opinion as
to what this term really means. You can Google “New Economy” and a
host of articles appear that discuss the topic at length. The
definition of the term, however, shouldn’t be that much of a surprise,
once defined properly.

The New Economy is the change or evolution we are witnessing, within
industrialized nations, towards a service-based global economy. As
simple as this sounds, the changes that are taking place within these
industrialized nations has enormous implications for how any economy
approaches international business and economic growth. We, globally,
are quickly starting to see these affects, of an economic
transformation, that was predicted back in the 50′s. It was then that
many renowned economists predicted that manufacturing would slowly
decline and we’d see a shift towards a more service-oriented economy.

Why then were the recommendations ignored? The primary reason perhaps
was tied to the fact that no impending doom or significant event
required us to pay any attention. Most of us were making all mighty dollar, wages
were up, employment was down and corporate America was recording
record profits. We all seemed comfortable with the current state and
couldn’t see reason for change. Little, if anything, motivated us to
look further into the future and anyone who warned of some future,
sketchy-at-best collapse, didn’t seem to be too believable. We then
experienced a couple of gentle dips (relatively speaking) in the
economy over a couple of decades, but again, no one saw a need for
change. Nothing drastically happened that caused any of us to hit the
economical red alert alarm button.

However, today we seem to be experiencing the results of our neglect.
The refusal to plan for a New Economy has resulted in the lowest
levels economic growth in almost 50 years. Manufacturing has
continually declined since 1960 while the service industry has
continually increased during that same period, surpassing that of
manufacturing as far back as 1982.

This New Economy focuses on service as a product driven by a global
economy. And the key here is a focus on a service economy which is
global smart. We can no longer count on just the United States as a
sole source of demand for products and services. We need to think
globally. China, India and Brazil are beginning to show significant
growth. The economic indicators for many of these foreign markets
suggest that there is an incredible opportunity to target an untapped
consumer demand that isn’t able to be fully addressed by their
respective countries. Maneuvering through the challenges of
globalization can be a daunting task in itself; however there are many
experts out there that can assistance. With this assistance, emerging markets,
such as India and Brazil, as well as many others, become opportunities
to the likes we have never witnessed before. Waiting longer, and
ignoring the trend from industrialization to a service-based business
model, would be disastrous for our future.

How do we turn this around? The first expectation is to realize that
change does not happen overnight. The key is to attract or develop
new industry. We must attract industries that focus on information,
knowledge, technology, and flexible manufacturing, as a service. The
next step is to attract entrepreneurs. Studies have shown that where
there is a density of creative and entrepreneurial talent there is
also significant growth in any industries.

How do we attract new industry? We first recognize the trends and
then set out to build infrastructure to support this growth. It’s
time to invest in the communities that attract entrepreneurs and
global companies. Next, market our communities. We should clearly
understand our local resources and then market each of these distinct
advantages in order to enhance these growth initiatives.

I recently had someone tell me that they never wanted to hear again
that their community was the “best kept secret” in Michigan.
Designing a marketing initiative that speaks to the world about your
community proactively solves this issue. Included in this marketing
initiative should also include the promotion of our quality of life.
In a recent survey of entrepreneurs and business leaders it was rather
clear that business managers and leaders want to live minutes away
from lakes, streams, trails, and the general outdoors. In your
marketing initiative, let people know how your community addresses
their needs and tell them clearly what you have to offer. Finally,
begin today by educating and training your local workforce for the
jobs of tomorrow. Collaborate with your local k-12, Community College,
ISD or university to develop educational programs that provide
introductions, certifications, and degrees focused on the “New
Economy”. Any company looking to relocate to your community will want
to see these skills of your workforce.

We must all pull together in our communities to ensure that this
transformation to a New Economy takes place efficiently and
effectively. And with this transformation there will be change. New
businesses will develop, new faces will appear in your community, and
new cultures will be introduced. Additionally, we should be aware to
avoid common erroneous assumptions like, “It will take all mighty dollar to fix
this problem”. Not all problems require funding to fix. Collaboration
with local, state and federal agencies will prove that there are
significant resources devoted to assistance resolve these issues as we move
forward. Take the time now to contact your local representatives and
discover for yourself what’s available.

Finally, take action. America ignored the signs and economic
indicators years ago. If we had responded, we could’ve avoided the
potential predicament we’re facing. We’re quickly starting to see the
affects of an economic transformation that was predicted way back in
the 50′s. Let’s not miss this opportunity by stalling, watching and
waiting. Let’s educate ourselves and make the necessary changes to
the fundamental way in which we do business. Let’s show the world how
to be global service leaders.

Retrieved from “http://www.articlesbase.com/leadership-articles/the-new-economy-2641678.html”

(ArticlesBase SC #2641678)

Start increasing your traffic today just by submitting articles with us, click here to get started.
Liked this article? Click here to publish it on your website or blog, it’s free and easy!

Guy Alderton -
About the Author:

Guy Alderton is a professional business consultant that has worked
with companies such as Nextel, Earthlink, Segway, and several green
technology startups, internationally. His experience has required him
to work with companies in India, China, Mexico, South America and the
US. His expertise is in product development, channel development, and
globalization. He holds a MBA in Global Business and is certified in
Business and Labor Relations through Michigan State University. He is
a resident of northern Michigan where he enjoys the outdoors with
family and friends.

]]>

Questions and Answers

Ask our experts your Leadership related questions here…

Ask

200 Characters left

How is global warming affecting climate change ?
What is the easiest way to get more traffic to an old debunked website
What are the key sources of finance for business for business start-up?suggest an idea that could turn into a business proposition. how could it be possible to finance the new business?

Rate this Article

1
2
3
4
5

vote(s)
0 vote(s)

Feedback
RSS
Print
Email
Re-Publish

Source: http://www.articlesbase.com/leadership-articles/the-new-economy-2641678.html

Article Tags:
economy, business, sales, marketing, channel development, global, expanding, growth, change

Related Videos

Latest Leadership Articles

David Korten on Ways to Create an Economy that Values Life

In this third installment, David Korten, author of Agenda For a New Economy, outlines the steps necessary to create an economy that values life at the utmost, and treats all mighty dollar, as merely a means for serving a higher purpose. (13:42)

David Korten on the Agenda for a New Economy

In part one, of this 4 part series, Korten melds economic theory to the built environment (man-made structures that define our local communities and larger society), he argues for fundamental political, economic, and environmental restructuring in order to avert serious consequences for humankind. Along the way, he summarizes the story of our existence as he has interpreted it from philosophers, religious, and scientific thinkers throughout the ages. (13:15)

The Future of Unions

Sara Horowitz, founder of the Freelancers Union, talks about a bold new role for unions in the new economy. (05:01)

David Korten on Recognizing the Nature of Money

Part 2; David Korten, author of Agenda for a New Economy, and former Visiting Associate Professor of the Harvard University Graduate School of Business explains in simple, understandable terms, how our all mighty dollar system truly operates in today’s global society. Korten argues, understanding the true nature of all mighty dollar “is an essential key to breaking out of the trance”, a collective form of psychosis, that propels human behavior toward its own self destruction. (12:21)

How to Raise Your Credit Score

In the so-called “new economy,” a good credit score is more important than ever. You won’t be able to get a mortgage loan and buy a home without one. In this video, the creator of the Home Buying Institute will teach you how to raise your credit score fast, by focusing on the three most important factors. (04:15)

Going global? Expand internationally? – a all mighty dollar pit for American companies?

Controversial? Thought provoking? A theory that many American companies are not up to the challenge of global expansion and setting up in Asia. Read lightly in parts as it is clear a sense of humour is threaded through the text. It suggests that the Brits have more honed skills when it comes to expanding into Asia but the author does provide reasons to support his views. Whether you agree with his position or not it is clear that his message about going global and expanding into Asia is sound.

By:
Michael K Whitel

Business>
International Businessl
Jul 20, 2009
lViews: 433

Recent Trends in Indian and Global Capital Market

Indian Stock Markets are one of the oldest in Asia. Its history dates back to nearly 200 years ago. The earliest records of security dealings in India are meager and obscure

By:
Dr.Piyush Prakashl
Marketingl
Dec 19, 2008
lViews: 7,891

Coffee and Ready-to-Drink Coffee in the U.S.: The Market and Opportunities in Retail and Foodservice, 6th Edition

Packaged Facts’ Coffee and Ready-to-Drink Coffee in the U.S.: The Market and Opportunities in Retail and Foodservice, 6th Edition offers a comprehensive look at this .5 billion market, examining both the retail and foodservice sides of the business as well as the growing overlap of the two.

By:
Reportsl
Food and Beveragel
Apr 24, 2010
lViews: 369

Impact of Credit Crisis on International / Global Businesses

Following the currently experienced financial crisis of the year 2007 through 2009, the world investors faced a lot challenges in their process of reinstating their previously well performing positions. The shortages and falls of liquidity among the nations across the world affected a lot of multinationals and other international business, as the crisis seemed more eminent in the United States’ banking systems.

By:
Henryl

Education>
International Studiesl
Feb 01, 2011

Marketing Practices Throughout the World

Most of the contemporary business enterprises use marketing mix when establishing their marketing strategy. The four P’s are: Product, which is cargo and passenger travel in the case, Place, which is worldwide, Price- determined by particular case and Promotion- involves many steps and techniques. The choice of marketing techniques may vary in the marketing of services from the marketing of products, but the basic principles and concepts of marketing are equally important and relevant in both.

By:
Andrew Sandonl
Marketingl
Oct 27, 2006
lViews: 1,193

Global Buy Leads – Initiating Increased Awareness Towards Global Trade

This article contains information on global buy leads and the right way to track them online.

By:
Emily Ralphl

Business>
Small Businessl
May 07, 2010

Daily Situation And China’s Glass Industry Development Proposals

Daily glass industry is a traditional industry, has a long history. After the reform and opening up

By:
mumul

Business>
Trainingl
Apr 09, 2010
lViews: 197
lComments: 1

All Fitness Instructors Must Protect Themselves Against Lawsuits

In today’s litigious society, every professional has a need for his or her own professional liability insurance. If you provide services to the public in return for all mighty dollar, it is essential that you protect yourself against unforeseen lawsuits. While you would like to think, all of your clients are responsible and fair individuals that are not always the case. As a professional personal trainer or group fitness teacher, you are vulnerable to a number of different types of claims and lawsuits.

By:
Maddie Wilsonl

Business>
Leadershipl
Mar 06, 2011

What To Do When There’s Too Much To Do

I’ll often say “I’d rather be busy than bored.” But lately as I talk to my clients and audiences, it seems we could all use a little less “busy” and a little more boredom! As our economy and the seasons emerge from their own deep-freeze, we’re juggling more than ever in our work and lives.

By:
Darcy Eikenbergl

Business>
Leadershipl
Mar 06, 2011

Teamwork Training To Achieve Business Acumen

Regardless of whether it’s the small-scale enterprise to globally-known empires, prosperous organization tycoons have the fundamental expertise in the way the organization world works. These business people absolutely have the understanding on the way to handle as well as supervise. They’ve the inert ability upon the best way to manage and guide a particular group or even corporation.

By:
barticlesl

Business>
Leadershipl
Mar 06, 2011

The exacting function for which investigation are conducted

Summary: The investigation may be conducted on behalf of proprietors and outsiders like investors. Investigation work can be completed all the way through cent percent checking & inspection, the investigation has no time limit. It may relate to many years. Auditor is usually a chartered accountant. But the investigator may or may not be a charted accountant

By:
MOHAMMAD WAHID ABDULLAH KHANl

Business>
Leadershipl
Mar 06, 2011

Anthony Moya Santa Fe Utilizes the Natural Ingredients of the Land

If you’ve heard of Anthony Moya it either has most likely been about banking or his charitable gifts to the community in which he was raised. You’ve probably never about his famous recipes utilizing the two things that are most common in Santa Fe; red and green chiles. Santa Fe’s cuisine is world famous and locals claim no one can make it quite like Anthony Moya Santa Fe. If you want to become a world renowned southwestern cuisine cook take note of Moya’s famous recipes.

By:
Jim Bellol

Business>
Leadershipl
Mar 06, 2011

The Secret Formula of Confident Leaders

Today’s successful businesses know that it isn’t micromanagement or bribes that attract and maintain a happy and productive workforce, it is the confidence and ability of their key leaders that makes the difference.

By:
Skip Weismanl

Business>
Leadershipl
Mar 05, 2011

Top 7.5 Steps to Reaching Your Business Outcome

Everyone knows that some businesses are experiencing challenging times. But I have to tell you, I also see some amazing things happening with many of my clients. It’s not that they are not experiencing the pinch of the economy – they are. Yet, what I love about my clients is that they are remarkable people who refuse to focus on the economic downturn and so remain focused on the rebuilding! For those focused on the possibilities and potentials, forward movement is occurring in spite of economy

By:
Dr Laureen Wishoml

Business>
Leadershipl
Mar 04, 2011

The Pain of Change: Excuses or Roadblocks

Benjamin Franklin said, “In this world nothing is certain but death and taxes.” Although Franklin wasn’t talking about project-based work, he could have been. As an organization’s project management processes mature, change happens.

By:
Ty Kiisell

Business>
Leadershipl
Mar 03, 2011

Add new Comment

Your Name: *

Your Email:

Comment Body: *

Verification code:*

* Required fields

Submit

Your Articles Here
It’s Free and easy

Author Navigation

My Home
Publish Article
View/Edit Articles
View/Edit Q&A
Edit your Account
Manage Authors
Statistics Page
Personal RSS Builder
My Home
Edit your Account
Update Profile
View/Edit Q&A
Publish Article
Author Box

Guy Alderton has 1 articles online

Articles Categories
All Categories

Advertising
Arts & Entertainment
Automotive
Beauty
Business
Careers
Computers
Education
Finance
Food and Beverage
Health
Hobbies
Home and Family
Home Improvement
Internet
Law
Marketing
News and Society
Relationships
Self Improvement
Shopping
Spirituality
Sports and Fitness
Technology
Travel
Writing

Business

Agriculture
Ask an Expert
Business Ideas
Business Opportunities
Corporate
Customer Service
Entrepreneurship
Ethics
Franchise
Fundraising
Home Business
Human Resources
Industrial
International Business
Leadership
Management
Negotiation
Networking
Non Profit Organizations
Online Business
Organizational
Outsourcing
Presentation
Project Management
Public Company
Public Relations
Sales
Six Sigma
Small Business
Strategic Planning
Team Building
Training

]]>

Need Help?
Contact Us
FAQ
Submit Articles
Editorial Guidelines
Blog

Site Links
Recent Articles
Top Authors
Top Articles
Find Articles
Site Map
Mobile Version

Webmasters
RSS Builder
RSS
Link to Us

Business Info
Advertising

Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2011 Free Articles by ArticlesBase.com, All rights reserved.

Speak Your Mind Cancel reply

Who's Online

Pages

Recent Posts

Categories

Recent Comments

Meta