Economy, New

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  • A concept that is, generally, less precisely defined than “economy” but alluding to effects of technological innovation and globalization that inure on the mode of production, cost of production, unemployment, national income, and prices of goods and services in the 1990s and thereafter.

    In terms of the mode of production, it celebrates the extension of capitalism and liberalization to other areas of the world, particularly in Africa, Latin America, and Asia, which were once slow to embrace market capitalism. As such, the new economy marked an era of economic integration in which regional organizations are formed and trade barriers broken down to foster trade and investment. The World Trade Organization (WTO) played a crucial role in this transition.

    The explosion of new technological products is an integral ...

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