The technological revolution, led by advances in information and communications technology,

Is changing the global economy by increasing the importance of intellectual capital in business.

A cluster of innovations in telecommunications and informatics is feeding a revolution in information

Technology. Faster transmission speeds of optical fibers and new lightweight materials make

Construction faster and cheaper. Undersea telephone links now connect 51 countries with cellular

Telephone circuits, and 7.4 million miles of fiber optic cables were installed last year alone.

Information already is flowing faster, more generously, and less expensively throughout the

Planet, but this information technology revolution is still young, with full digitalization and intensive

Exploitation of bandwidth still years away.

Materials technology is moving toward control that is almost atom-by-atom. Health care

Now enjoys dynamic images and intelligent prosthetics. Transport benefits from lighter materials

For fuel efficiency and the use of computer and communications systems. The energy sector is

Receiving many applications. Combined — cycle combustion turbines using natural gas are now

Available in transportable modular units. And renewable energy sources-photovoltaics, wind,

Biomass-are becoming more technically feasible and less expensive. Recent advances in the use