In Swedish homes, a computer is almost as self-evident as a television. This radical shift to the New Economy helped a country once dominated by the industrial sector endure the most difficult recession of the postwar period. Reforms in monetary, fiscal and social policy are also needed to assure that the growth lasts long enough to turn into a true job miracle. Rarely have the conditions for that been better. After a decade of inaction, Europe's governments are starting to cut their budget deficits, make social systems more efficient, and give greater freedom to enterprise.
Economists predict the creation of four million new jobs in the next three years.
The first successes are already evident. Spain, for many years Europe's rearguard, in May celebrated the lowest unemployment rate in 20 years. In this promising New Economy, working life is both riskier and more stressful. But it is also more varied, and for some more lucrative. The knowledge economy of the 21st century demands a higher degree of individual responsibility.