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Hi-Tech Industrial Network and Global Contagion Mechanism of IT Recession
Abstract
It is pointed out that the world economic system is becoming more and more vulnerable to shocks on a grand scale. The uncertainty of the U.S. economy, the worsening performance of the world’s IT industry and the flagging economic situation in East Asia and South America are the grounds for such worries. The so-called synchronous global IT recession casts its dark shadow all over the world, with a sharp drop in demand in the IT industry affecting the U.S. economy at an accelerating pace, though optimistic forecasts were made for the world economy at the Okinawa Summit in Japan just two years ago. In stock markets of the world, prices show grim bearishness under the influence of a weak economy and a worsening profit outlook. This paper reviews the mechanism of IT recession, by observing the U.S.-led recession, particularly in the IT industry, and its synchronous effect around the world, together with the characteristics of investment in the IT industry, the disappearance of wealth effects and what people call the era dominated by Internet revolution.
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