Discussion » Current Events » The second economy

  • Joligne
    Joligne wrote:
    <h2>Digitization is creating a second economy that&rsquo;s vast, automatic, and invisible&mdash;thereby bringing the biggest change since the Industrial Revolution.</h2> <!-- byline --> <div> <p>OCTOBER 2011 &bull; W. Brian Arthur</p> <p>&nbsp;</p> </div> <div> <div id="ctl00_GridContainerPlaceHolder_inThisArticle_inThisStoryContainer"><img src="http://www.mckinseyquarterly.com/App_Themes/v2.0/img/in-this-article_top.png" alt="" width="214" height="7" /> <div><a name="inThisArticleTop"></a> <div><img id="ctl00_GridContainerPlaceHolder_inThisArticle__image" src="http://www.mckinseyquarterly.com/image/article/inThisArticle/ita_seec11.jpg" alt="the second economy article, digital economy is largely automatic, Strategy" /></div> <h4>In This Article</h4> <div id="ctl00_GridContainerPlaceHolder_inThisArticle__tableOfContentsSection"> <ul id="ctl00_GridContainerPlaceHolder_inThisArticle_ulTableOfContents"> <li><strong>Sidebar: </strong>How fast is the second economy growing?</li> </ul> </div> </div> </div> <div id="storyContent"> <p><span>In 1850,</span> a decade before the Civil War, the United States&rsquo; economy was small&mdash;it wasn&rsquo;t much bigger than Italy&rsquo;s. Forty years later, it was the largest economy in the world. What happened in-between was the railroads. They linked the east of the country to the west, and the interior to both. They gave access to the east&rsquo;s industrial goods; they made possible economies of scale; they stimulated steel and manufacturing&mdash;and the economy was never the same.</p> <p style="text-align: justify;">Deep changes like this are not unusual. Every so often&mdash;every 60 years or so&mdash;a body of technology comes along and over several decades, quietly, almost unnoticeably, transforms the economy: it brings new social classes to the fore and creates a different world for business. Can such a transformation&mdash;deep and slow and silent&mdash;be happening today?</p> </div> </div>
  • Pavoir Sponse
    Pavoir Sponse wrote:

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