Watson, Matthew, Ph.D.. (2002) Britain's financial system. New Economy, Vol.9 (No.3). pp. 171-176. ISSN 1744-5396

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Abstract

Two years have now elapsed since the tech-stock share bubble burst – most notably on the NASDAQ in New York, but engulfing other high-tech markets as well. In Britain, as in other countries, the overall stock market environment has been relatively bearish in the intervening period. The two events are not causally linked, in that the subsequent decline in established and blue-chip markets is not directly attributable to contagion spreading from the high-tech sector. Yet, taken together, these events have served to divert the attention of both the academic and the policy communities from the wider implications of the ‘new economy’. The ‘new economy’ became so associated with the image of an ever more bullish stock market that the mere presence of falling share prices has stalled the debate about what the ‘new economy’ is, what benefits it could bring, and how it could be integrated into existing economic structures. I suggest that the time is now right to revisit that debate and, in so doing, to reclaim the discussion of the ‘new economy’ from the share price bubble with which it has been popularly linked.

Item Type:	Journal Article
Subjects:	H Social Sciences > HC Economic History and Conditions D History General and Old World > DA Great Britain
Divisions:	Faculty of Social Sciences > Politics and International Studies
Library of Congress Subject Headings (LCSH):	Stock Market Bubble, 1995-2000, High technology industries -- Great Britain, Finance -- Great Britain, Economic policy -- Great Britain, Great Britain -- Economic conditions -- 1997-
Journal or Publication Title:	New Economy
Publisher:	Wiley-Blackwell Publishing Ltd.
ISSN:	1744-5396
Date:	September 2002
Volume:	Vol.9
Number:	No.3
Page Range:	pp. 171-176
Identification Number:	10.1111/1468-0041.00265
Status:	Not Peer Reviewed
Access rights to Published version:	Open Access
References:	Watson, M and Hay, C 1998 ‘In the Dedicated Pursuit of Dedicated Capital: Restoring an Indigenous Investment Ethic to British Capitalism’, New Political Economy, 3 (3), 407-26. Watson, M 2001 ‘Embedding the ‘New Economy’ in Europe: A Study in the Institutional Specificities of Knowledge-Based Growth’, Economy and Society, 30 (4), 504-23. Feng, H et al 2001 ‘A New Business Model? The Capital Market and the New Economy’, Economy and Society, 30 (4), 467-503. Froud, J et al 2001 ‘Accumulation Under Conditions of Inequality’, Review of International Political Economy, 8 (1), 66-95. Pollin, R 1995 ‘Financial Structures and Egalitarian Economic Policy’, New Left Review, 214, 26-61.
URI:	http://wrap.warwick.ac.uk/id/eprint/2148

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