It remains to be seen, for example whether China can continue to develop as a market economy while still retaining an authoritarian communist political system.

One of the most striking trends, since at least the 1960's, has been for employment in services to grow far more rapidly than employment in manufacturing. It is this trend that has led to the view that developed economies have become de-industrialized and that they are now effectively service economies.

Transnational corporate networks, and their resulting spatial patterns, are always in a continuous state of flux. At any one time, some parts may be growing rapidly, others may be stagnating, others may be in steep decline.

Without the parallel development of systems of monetary - and credit-based exchange - there could have been no development of economies beyond the most primitive organizational forms and the most geographically restricted sales.

A striking feature of financial service activities during the past few decades is that the financial transactions essential to the operation of the 'real' economy has become increasingly dwarfed by speculative activity.

Reality is far more complex and messy than many of the grander themes and explanations would have us believe.

One of the most striking developments has been the rise, fall and rise again of the semiconductor industry of the United States, which is, once again, the dominant player in the most advanced semiconductor product-markets.