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The Road to the New Economy: A Newsletter from the Professional Speed Bumps and Detours Development Program, Eugene J. Monaco Rockefeller College Director, Professional Development Program “It is not the strongest of the species that survive, nor the most intelligent, but the ones most responsive to change.” — Charles Darwin To be sure, the U.S. economy experienced a profound transformation over the last decade or so, morphing itself into what has been commonly called the “New Economy.” With its global marketplace, the New Economy promised to transform the nature of work, the workplace itself, the way we learn, and the relationship between learning and work. The mantra of the New Economy was change — with flexibility, speed, risk, and innovation the rules. The impact was ubiquitous, and the mantra repeated so frequently it became clichéd. In retrospect it’s easy to understand how this happened so quickly and perva- sively. Fueled by technology, the beguiling prospects were irresistible to all areas of the old economy. Technology-driven job growth and inflated wages quickly be- came the norm spurring on a drive towards ever-higher real wages, an explo- sion of telecommuting, increased leisure time, and an anticipated competition for the smaller pool of tech-savvy professionals who would be left to handle the massive work load created in the wake of en-masse baby boomer retirements. Enter the Learning Society with knowledge management and human capi- tal as its underpinnings. The fields of continuing professional education and workforce development seemed destined to become an essential part of this new order. Those of us in the field moved confidently into the emerging niche between the old, familiar landscape and the new economic order rising on the horizon. The knowledge infrastructure of the 21st century was to consist of unmatched education, training, and lifelong learning with performance sup- port pumped directly into the workplace if not onto the desktop. The prospects seemed real and the future looked bright. However, something happened on the way to the New Economy — a dark cloud emerged, casting a shadow over the bright future. This cloud contained an unforeseen consequence of the New Economy- globalization and outsourcing, which moved tens of thousands of skilled jobs across the globe to India, China, Russia, and other lower-wage countries, and left tens of thousands of American workers unemployed. This trend, GEORGE DOWSE which is further predicted to shift three million service jobs to foreign workers by 2015 — about 2% of all American jobs, has rained on the New Economy. PDP’s D’Andrea Brooks, was awarded Just three years ago, educated Gen Xers seemed set to rule the world. Since a Secretarial-Clerical Council Award the downturn, the situation has dramatically changed. From 2000 to 2002 the through the University at Albany’s household income of those under 35 dropped 14% — representing the great- Initiatives For Women, a program that helps women students, faculty, and est decline in earnings of any age group. Continued on page 2 staff by providing them financial sup- port to advance their educational and professional goals. Tech Valley’s Higher-Education Sector a Key Driver for Economic Development by Lyn Taylor — Page 3 VOLUME 11, FALL 2003 The Road to the New Economy: Not only are these workers earning of the New Economy — the technology Speed Bumps and Detours less — but also they are working hard- industry. Forward thinking and plan- Continued from page 1 er and longer in pursuit of diminished ning is needed. Here in the Capital earnings. Vacation time shrunk while Region the Tech Valley initiative is a work time grew. More managers and prime example of how the technology professionals experienced longer industry can be planned and man- working hours than ever before. In aged towards successful outcomes. 1992, just over 5 million of them put in In the other direction are the people, 49 hours or more a week; last year that communities, and institutions that will number hit 10.8 million. Baby Boomers be affected by the impact of change. have not retired in the droves predict- The Silicon Valley experience repre- ed just a few years ago, but are cling- sents what happens to people and ing to their jobs. their communities when the New Econ- At this juncture it serves us well omy is unleashed without a clear mas- to reflect, for the notion of a New Econ- ter plan. Silicon Valley is still reeling omy is not really new. In 1932, Bernard from the effects of the 2001 turn in the Baruch, recalled that, “In the lamenta- New Economy. Many of the people ble era of the ‘New Economics’ culmi- there will not recover in their lifetimes. nating in 1929...if we had all Therefore, there are necessary GEORGE DOWSE continuously repeated ‘two and two questions that a community must be Eugene J. Monaco, Director and still make four,’ much of the evil might responsible for asking and answering. Public Service Professor have been averted.” The same could In the case of our own recent success- be said of the U.S. experience during es, community and business leaders the boom of the 1990s. So, we have to are asking, “What will the arrival of PDP Director Eugene J. ask, did we merely forget our past les- SEMATECH, Intel, Tokyo Electron, and Monaco announces two son, or is our current situation so dif- others mean for the quality of life in the new programs. ferent that it was unpredictable and region?” And even more precisely, PDP has partnered with the State unavoidable? It is painfully difficult to “What will be the impact on people, of Vermont to design and deliver a reconcile the macro-economic and their communities, and the institutions comprehensive case management mega trend outlook with the individual that provide services?” “What knowl- training program for staff who work realities of dislocated and unemployed edge and skill sets do community and with families receiving TANF assis- workers. Arguably little is new beyond government leaders need to manage tance. Enabling case managers to develop strength-based assess- the technological advances. People transition in uncertain times?” “What ment skills, it addresses the chal- still work at jobs for a living, and still sort of a workforce will all employers, lenges faced by workers serving buy, sell, and trade goods and ser- not just the high tech sector need?” families required to participate in vices as they have always done. Strong public planning can help real- activities leading to permanent em- To find answers, we can look in ize the promise and preserve what is ployment. The second project will two directions. In one, a primary driver develop a web-based learning cen- Continued on page 4 ter with an initial course for new Food Stamp workers. It will also provide staff with the ability to main- tain the learning center and build Signs Along the Way new courses on their own. “We’re especially pleased with • Capital District population is projected to grow 6.5% between • Roughly 27,000 the capacity-building aspects of 2000 and 2010, to 845,853. mushroom to 4 each project,” noted Monaco. “As a current pace. — result of our work, the Vermont De- • The Luther Forest Technology Campus is expected to be home to partment of Prevention, Assistance, over 10,000 new jobs over the next 10 years. • By the end of 2 Transition, and Health Access will IT service prov be able to continue the training • A new Albany NanoTech 225,000 square foot facility will house benefits of offs using PDP-developed curriculum a 35,000 square foot cleanroom for research and development, loss of future ta as well as develop e-learning prototype manufacturing, and workforce training activities. courses on other topics. The pro- performance. — jects exemplify our working partner- ship approach to individual and organizational performance.” The awards, totaling $918,000, were made following a rigorous review of the PDP proposals which faced stiff competition from other educational institutions and private vendors. 2 Tech Valley’s Higher-Education Sector a Key Driver for Economic Development Lyn Taylor President, Albany-Colonie Regional Chamber of Commerce Tech Valley is brimming with inno- This ranking — a feather in the vative individuals and companies in- cap of all institutions of higher educa- volved in cutting-edge technologies tion — underscores the crucial link that are truly transforming the region’s between colleges and universities and economy. It’s important to recognize the business community in terms of that in many cases, their roots are the importance of grooming knowl- firmly planted in Tech Valley’s higher- edgeable, highly skilled workers. education community — and, that ac- Leaders and faculty in higher cess to an abundance of intellectual education should know that the property is a critical factor in Tech region’s economic viability is closely Valley’s growth. tied to the quality of students pro- Home to more than two dozen duced at our colleges and universities colleges and universities, along with a — and many institutions are stepping host of advanced vocational schools, up to meet the challenge, working Tech Valley’s quality of education has with tech companies to customize ed- long been hailed as among the best ucational opportunities for future and in the nation. current employees. By offering innov- In fact, a Feb. 2003 report in ative curricula, creating an environ- COLLEEN BRESCIA PHOTOGRAPHY Forbes magazine ranked the Albany- ment conducive to groundbreaking Lyn Taylor Schenectady-Troy area as the third research and assisting students in engineering, and alternative energy “Best Place with the Best Education” connecting with businesses to further to medicine, a world of opportunity in the country.

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