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Nevertheless, few would argue that informationtechnology permanently increased unemployment. The labor force adjusted to a new technology replacing an older one.
The chances are that the global economy, weighted by nominal GDP at current exchange rates, will grow at 2 percent Globalization, turbo-powered by informationtechnology, has cut short the feedback loop between demand stimulus and supply response. The 2008 crisis prompted a pause. It continued in the following three years.
Today''s informationtechnology allows a multinational company to position research, marketing, finance and managerial jobs to anywhere. Goldman estimates the 2 trillion yuan in lending by trusts last year accounted for 10 percent of financing in the economy and a removal of credit flows from trusts would knock 0.8
It has benefited the tech industry enormously, and other sectors, including health care, science, and finance, have also used it to fill gaps in their workforces. In 2008 Bill Gates testified before Congress to advocate for more H-1B visas to help compensate for “a deficit of Americans with computer science degrees.”
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