Introduction

The first hype of what was commonly referred to as the “new economy” now seems to be over. Initially, expectations ran very high and investors in dotcom companies made loads of money while most of the companies themselves kept accumulating losses. As is the case with all bubbly booms, an important part of the explanation lies in the disappointment of investors with alternative opportunities (which for a short while were disdainfully referred to as belonging to the “old economy”). In addition, the financial sector has now come under suspicion for having generated the exaggerated optimism that characterized the new economy sector. In the mean time, public opinion seems to have swayed to the other opposite and many commentators and disillusioned investors are now sounding the death bell for the new economy. This cyclical change of views on the surface hides, however, phenomena which are assuming an increasingly important role in our daily lives.