As recent as a few years ago, so-called business gurus even scoffed at high-end manufacturing. Well, that is for less advanced economy. We do knowledge economy.
All those new management techniques from certain specific business sectors, mostly based on new computer technology, were blown out of proportion and generalized as a ground-breaking "paradigm" for the new century. Now they look far less mind-boggling. We have been living in more than a few financial bubbles. Our general outlook for future has been also a big bubble: our economy rising far above mundane physical level. Concept and knowledge are all that count. It progressed into the point that we have international dualism. U.S. is "mind," and emerging countries are "body." U.S. business is the "intangible essence" of world business.
All these pleasant dreams dashed overnight by credit crunch.
Ping!
Want to blow a hole in this oil futures market, raise interest rates to about 7.75% and see the money flow backwards.