One of these is the New York Information Technology Center, a high-rise in which, some time ago, the dubious financial instrument called 'Junk bonds' originated. Today the skyscraper houses dozens of service related business, among them a daughter bank of the Deutsche Bank. Whereas next door, one will only see gray suits and white shirts or blouses, here the co-workers dress casually in 'free time' clothes. In reality they never stop working. A sign on the outwardly ugly building designates the house 'Silicon Alley'.
New companies profit from high work morale.
Twelve hour work days without vacations is normal. Consequently, nowhere else functions the creative destruction of old structures and establishments better than here. The New England economist Lester Thurow has found in his research that of a list of the 25 largest companies in Europe today, the same names appear as in 1960. The new names, Microsoft, Intel and Wal-mart for example, are not only new giants but belong to the 10 largest companies in the world. A YEAR Germany also has many young undertakings, only they don't grow half as fast as their American competitors, declares Lester Thurow, a decisive difference.