Structural policies, networked information technologies, and flexible and skilled human resources transform old social and economic activities into new ones, which together increase economic growth in today's "new economy." In this study, Catherine L. Mann and Daniel H. Rosen examine how this new phenomenon is affecting the economies of the member nations of the Asia Pacific Economic Cooperation (APEC) forum and whether APEC policymakers should have an action agenda toward it. The authors use macroeconomic models and distill case studies from selected APEC countries to illustrate both the potential rewards and the challenges faced by policymakers and businesses in enabling and embracing the dynamism of the new economy. The study also highlights the impact of new economy forces on trade competitiveness as well as the relationship between government and civil society. The authors conclude with a set of policy recommendations for APEC members, and for APEC itself to ensure that the benefits of the New Economy are widely shared in the region. The study was initially prepared for the Economic Committee of APEC for presentation to its annual ministerial and summit meetings in Shanghai in October 2001.
Catherine Mann was a senior fellow who is now the Chief Economist at the OECD, where she also heads up the Economics Directorate. She was most recently the Barbara '54 and Richard M. Rosenberg Professor of Global Finance at the International Business School, Brandeis University, where she also directed the Rosenberg Institute of Global Finance. She joins the OECD after 7 years at Brandeis and following 20-plus years in Washington, DC.
Daniel H. Rosen was a visiting fellow at the Peterson Institute for International Economics. Rosen is a principal at the Rhodium Group, a New York-based research firm. He is also an adjunct professor at Columbia University's School of International and Public Affairs (2001–present). Rosen was a member of the National Economic Council staff (2000–01), where he served as senior adviser for international economic policy. His work has focused on the economic development of East Asia, particularly greater China, and US economic relations with the region. He is author or coauthor of The Implications of China-Taiwan Economic Relations (2011), Prospects for a US-Taiwan Free Trade Agreement (2004), Roots of Competitiveness: China's Evolving Agriculture Interests (2004), Behind the Open Door: Foreign Enterprises in the Chinese Marketplace (1999), and Powering China (1995).
