There is no longer much question that there is a new economy, characterized by increased global interdependence and the centrality of computer-based technology. Clearly, capitalism is in ascendancy, having pushed beyond the borders of Eastern Europe and the former USSR and having made inroads into China.
Few countries are any longer outside of the increasingly interwoven world marketplace.
The context of the new economy While it is clear that the economy has changed shape in many respects, it is important to not let all the glitter and glamour hide the reality of economic experience for the majority of people. The economy is, at its core, still the same market capitalism that it has been since it was forged during the industrial revolution. As such, it is based on competition that produces winners and losers. Therefore, most people have not shared in the economic expansion. Indeed the gap between the wealthy and poor in the US has grown to the highest that it has been since before the Great Depression.