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The Global Digital Economy: A Comparative Policy Analysis By Carin Holroyd and Kenne ...

Chapter :  Introduction
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The Global Digital Economy:

Introduction

Government and the Realities of the New Economy

Beginning with the dot-com meltdown in the late twentieth century, then the rapid economic rise of China, and continuing through the financial crisis of 2008–2009, the global economy has been in turmoil. The most recent manifestations—staggeringly high levels of global youth unemployment, the debt crisis in southern Europe, the scale of the United States’ national debt, the continued erosion of traditional manufacturing—illustrate the rapid transitions underway around the world. For national and regional governments charged with maintaining jobs, creating and sustaining prosperity, and financing needed social programs, responding to the challenges of the twenty-first-century economy remains one of the highest priorities. In the midst of this uncertainty, one economic sector—information and communications technology (ICT), particularly digital content (the preparation of value-added material for distribution via the Internet or other digital means)—remains a significant bright spot in terms of employment growth and business development. Governments, however, have been slow to recognize the potential of digital content as