Only 10 years ago, Japan was triumphant and the U.S. was struggling with slow growth and a hobbled banking system. But today's statistics tell a very different story. Despite Asia's woes, all the ingredients are in place for a surge of innovation that could rival any in history. The innovation pipeline is fuller than it has been in decades. With the advent of the Internet, the information revolution seems to be spreading and accelerating rather than slowing down.
Biotechnology is on the verge of having a major economic impact.
And in labs across the country, scientists are driving toward the frontiers of nanotechnology, with the goal of creating new devices that can transform entire industries. What's more, the U.S. economy seems to be undergoing a wholesale rejuvenation. Businesses, financial service firms, and universities are reinventing themselves. Even politicians and policymakers are starting to grasp the new technological and economic realities. To be sure, the path from the New Economy to the 21st Century Economy will likely be a bumpy one.