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A new economy essentially means an economy that is on the threshold of a transition. A new economy was initially witnessed in the 1980s when a predominantly industrial/manufacturing-based economy was replaced by a more technology based one, ushering in a digital revolution, with a bevy of companies offering software and hardware jobs to millions around the globe. Job creation was on the upswing and people no longer relied on the traditional manufacturing industries to fetch them the jobs.
Then the burst of the dotcom bubble in 2001 put the brakes on economic growth worldwide. With fears of a recession looming large, many jobs were snatched away, leaving workers worldwide, high and dry. Despite the downturn, CEOs of major technological companies were still able to command high salaries, some of them undeservedly so. This created the social divide to widen deeper than any other time in the history. Unemployment was at its all time high. Millions of Americans were without a job, or any kind of savings and to add salt to the wound, nearly on the verge of running out of unemployment benefits.
A new stratum of society was quickly being given the tag of ‘the new poor’. The once middle class with their dependence on public assistance was now being classified as poor. Countries like China and India were able to withstand the onslaught mainly because their economy relied more on non-technological and service sectors for its economic growth and the fact that they were comparatively smaller economies worked in their favor.
A decade and a string of reforms later, the economy is still in the throes of the down-turn, straining to recover from the economic slumber. Despite a brief respite in the early part of 2010, jobs are still difficult to come by. Even new college graduates are unable to find jobs. Unemployment is still at its highest. Recession might have ended, but the job seekers still stare into a bleak future.
The revamping of the economy in the form of knowledge-based economy came like the light at the end of the tunnel, but benefited mostly the Indian subcontinent. The economies of scale at times of stipulated margins meant that offshoring becomes a necessary option for captains of industries. This meant more jobs were to be lost in offshore initiated countries at the cost of creation of new jobs in the third world economies, mitigating its effect on a bigger stage but hurting back home.
The idea of a new economy with radical restructuring of the economic system has in recent times taken root in the belief systems of a majority of world activists, social leaders and economists, as an offshoot of the failure on the part of political bigwigs in addressing the issues that crippled the economy. An analysis into the new economy, post 2010 provides some insights into the job market in keeping with the available economic trends in the following sectors, where most of the future jobs will be created, and which will need their respective government’s patronage to bring in the change.
Green economy
A paradigm shift from a debt-fuelled, consumption- based disastrous economy, to an economy that is primarily low-carbon and socially responsible, could not have come at a better time. Low-carbon energy, infrastructure and transport and a sustainable model of food production and distribution with equal importance to sustenance of water, waste and sanitation forms the framework of such an endeavor.
The policies on economic development should be made taking into account the bigger picture of the finiteness of the earth’s resources and rampant misuse and overuse can have long-term health implications on people at large and the future generations. Job creations in waste management, renewable energy sectors and sectors producing alternate fuels; bio-fuel, solar and wind energy sectors has been happening in a small way. A major political thrust will create a whole new job market to be explored. These are sectors of the economy that produces products that have environmental benefits. A career in environmental conservation, environmental engineering, environmental law, green building design and construction and environmental science could soon be a reality. If countries adopt clean energy policy and climate change policies, clean energy economy could create 19.5 million jobs worldwide.
Service economy
Service economy touted as the economy of the future is one in which services, information, and research are on the ascent. The jobs in service sectors, although not highly paid, are in plenty. There is a huge demand for high-skilled labor in service sectors like software services. South Korean economy is mainly a service economy. China will soon make its transition from a manufacture based economy to a service-based one. India is primarily a service-based economy. The world over, economies are gearing up for a service-based economy. Business services in the form of administrative services, professional, scientific, and technical services are major employment generators in the USA.
Knowledge economy
Knowledge economy riding on IT-related jobs has a bright future in terms of job creation. Four of high-skilled job areas of network systems, data communication, computer software engineering, system analysts, and network and system administrators are expected to grow rapidly through 2018. Expertise and new ideas with skills to match in these areas will have a profound positive impact on the job market in the years to come.
Digital economy
There are around 100,000 online jobs which help thousands of Internet users from places like China and India make a living. Playing an online game and earning electronic currency as WoW gold from World of Warcraft, an online gaming brand, to sell them to Westerners in return for foreign currency is one of the ways people from China are utilizing the Internet to make a living. In 2009, gaming-for-hire was worth $3 billion, according to the World Bank’s research. Online jobs are for the taking for anybody with a computer, an internet connection and lots of free time.
With a sinking dollar, and the world recovering from one of the worst recessions ever, it is imperative that the once vibrant job market will remain stagnant in the coming years. The hope of bringing the economy back on its tracks lies in the initiatives and political will of the governments of major economies, particularly the G-7 countries. Our only solace is to hope for a better tomorrow and wish that it will not be long before we witness a new world economy propelled by robust new economies.
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Chillibreeze's disclaimer: This is a contributed article and was published on Chillibreeze in August, 2011. The views and opinions expressed in this article are those of the author(s) and do not reflect the views of Chillibreeze as a company. Chillibreeze has a strict anti-plagiarism policy. Please contact us to report any copyright issues related to this article. The relevance of the facts and figures cited (if any) could change after a period of time.
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—About our writer:
Jiji Thomas is a writer, life skills trainer, financial consultant and a budding entrepreneur. He has been freelancing for the last couple of years, writing content for top online publishing entities. His training centre in Bangalore also doubles up as his office. He believes that the best way to learn something better is to teach it to someone. He has a passion for furthering the cause of education in India.
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