The Economy.

• Author: Greifer, Nicholas

"What Have We Learnt"

Rubin, Robert

The World in 2000, January 2000, p. 30.

This article presents former U.S. Department of Treasury Secretary Robert Rubin's views on the "new economy." In short, the new economy is a lot like the old one. Secretary Rubin acknowledges that two new forces are changing the economy and the practice of investing: a) globalization and information technology on the one hand, and b) the growing role of financial markets and diminishing role of governments. However, he notes that with respect to globalization and information technology, extrapolating to a new paradigm where the business cycle ceases to exist would be premature at best. He notes that earlier commentators like Yale economist Irving...