Information technology (IT) was key to the superior overall macroeconomic performance of the United States in the 1990s—high productivity, high growth, low inflation, and low unemployment. But IT also played a role in increasing earnings dispersion in the labor market—greatly rewarding workers with high education and skills. This US performance did not happen in a global vacuum. Globalization of US IT firms promoted deeper integration of IT throughout the US economy, which in turn promoted more extensive globalization in other sectors of the US economy and labor market. How will the increasingly globalized IT industry affect US long-term growth, intermediate macro performance, and disparities in the US labor market? What policies are needed to ensure that the United States remains first in innovation, business transformation, and education and skills, which are prerequisites for US economic leadership in the 21st century? This book traces the globalization of the IT industry, its diffusion into the US economy, and the prospects and implications of more extensive technology-enabled globalization of products and services.
- Cover
- Contents
- Preface
- Executive Summary
- Acknowledgments
- Chapter 1 Accelerating Globalization: Why Focus on Information Technology?
- Globalization in a Petri Dish
- Defining Information Technology
- Economic Characteristics of IT
- Chapter 2 Linkages Between US Firms and Global Markets for IT Products
- An Expanding Global Marketplace
- Integrating US Firms into the Global Marketplace
- Foreign-Owned IT and Communications Firms in the US Marketplace
- The Rise of the Global IT and Communications Company
- Appendix 2A The Shifting Global Market for Semiconductors
- Appendix 2B How to Classify and Rank the Top Technology Companies
- Chapter 3 Globalization and IT Prices, Diffusion, and Productivity
- Globalization of IT and Implications for Prices
- Macroeconomic Overview of IT Investment in the US Economy
- IT Diffusion and US Productivity Growth
- The US Experience Compared with Other Countries
- Chapter 4 Information Technology, Outsourcing, and the New International Trade in Services
- US Cross-Border Trade in IT Products
- IT and International Trade in Business and Professional Services
- Prospects for Further Trade in Services
- Appendix 4A Challenges of International Trade Data for IT Products
- Chapter 5 Information Technology and Labor Markets
- IT and the US Labor Market
- Globalization of Business Services and White-Collar Jobs
- International Trade in Skilled Labor: Cross-Border Movement of IT Professionals
- Chapter 6 Globalization of Innovation
- R&D, Innovation, and Growth
- Information Technology R&D: Who, How Much, and Where?
- Human Capital and Innovation
- Globalization of Venture Finance
- Chapter 7 A Look Forward with a Policy Agenda
- A Proactive Policy Agenda
- A Plea for Data
- Final Word
- Appendix A Methodology and Definitions
- Definitions
- IT Industries in BEA Data
- Some Statistical Caveats
- References
- Index
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