Information Revolution, Globalization and Economic Growth

The article deals with economic growth and productivity, as well as with the challenges and tensions in the macroeconomic policy of the developed countries under the conditions of an informational coup d'etat and globalization of the world economy. The new technologies parallel with the telecommunication networks area driving force for the formation of a post industrial or informational model of development. The effect from the information revolution under certain conditions and prerequisites of institutional and socio-economic nature can be manifested also at a macro-level, although with considerable lag. Shown is the contents of the basic concepts of the theory of endogenous growth: lack of competitiveness of knowledge as a source for an increasing resource return rate, the partial unexcluding of knowledge as a factor for generating “technological externals”. Data, showing that during the second half of the 90-ties the United States have achieved considerable progress in respect of productivity dynamics, are presented. Proofs and arguments are put forward for the necessity of creating an institutional structure of the global economy by means of reforming the existing currency system.