Business Revolutions
In 1996 Walter Wriston, the former CEO of Citibank, was quoted in Wired Magazine as having said: "Revolutions aren't made by gadgets and technology. They're made by a shift in power, which is taking place all over the world". (Wired 1996). Wriston, unfortunately, has confounded shifts of the sociological paradigm with technological revolutions, as the movement of power in this century has been the direct result of technology. Wriston is highly regarded as the most powerful banker in the world, and has invested heavily in technology, which most will agree has been the driving force behind the 20th century economy. Currently this so called "shift in power" has swung vehemently towards the way of the United States, a sparsely populated (for it's total surface area) country located in a temperate climate in the mid America's. The United States has not always been the driving force behind the World economy, as in retrospect we see it was actually considered to be weakling amongst giants. It wasn't until the British Empire lost her reign on the colonies that the United States began its intrepid quest for the proverbial "king of the hill" title. 100 years later the United States is still the world leader in most industries with an annual Gross Domestic Product of $9.33 trillion dollars, but other countries are rapidly gaining ground. GDP is just one of the crucial indicators in measuring how an economy is performing, and the bulk of the United States GDP comes from its Service industry In the mid 1990's the Information Technology revolution elevated business, research, and culture to a new level, with the center of operations concentrated in Silicon Valley, California. The capitalist plan of attack was simple: if you hype it up, they will come. Never before had such a large-scale commercial venture taken place in such a small area in such little time. Entrepreneurship was on the tip of everyone's tongue, as tech startups raced each other for fresh ideas and an incessant elixir of capital. The taste soon became sour though as most companies were worth nothing more than the paper their balance sheets were printed on. Falling stock prices, decline in sales, and job uncertainty forced many companies to declare bankruptcy or at least provide a fa�ade to conceal their imminent doom (it is common place to see many of these companies websites have only the phrase "down for renovation" up for many, many months). Was this all an inevitable consequence of expanding too rapidly, or was it because this new economy was not meant to be? The answer is still unknown, but some say a bit of both are at fault.Find out more about [http://www.aaronkellylaw.com]business attorney and a [http://kellylawaz.com]internet law attorney Article Source: [http://EzineArticles.com/?Business-Revolutions&id=5109133] Business RevolutionsComments [0]
