The whole nature of brand identity also has changed. That's the new economy. You see this transformation most visibly in the United States because we're ahead with network technology and most of the trends I outlined. But change is rolling globally very fast. They will outsource or spin off all the manufacturing, controlling it through networks they'll create, much as Cisco Systems has done.
Cisco is the most valuable company in the world.
It's come from nowhere in two years because it is completely decapitalized and manufactures very little itself. Nonetheless, it's a manufacturing company producing a clear manufactured product, network and IP switches. Customers can or-der directly through Cisco, know when their order is being made and when it will be delivered. This lowers transaction costs dramatically. The company's success comes from that flexibility, plus its ability to design new products and bring them speedily to market.